Category Archives: DocuNECT

This category contains all the DocuNECT Posts.

Medical Device Tracking with DocuNECT

Medical Device manufacturers are required by the FDA to track certain types of devices from manufacture through the distribution chain to patients. The FDA released 21 CFR Part 821, which governs the requirements around the tracking process. Our DocuNECT solution is used by both large and small Medical Companies, in the cloud and on-premise and has the following features:

  • 21 CFR Part 821 Compliant Workflow Solution
  • Automated Correspondence
  • Automated E-mail/Faxing
  • Document and Image Management
  • 21 CFR Part 11 Electronic Signatures
  • Patient Data Management (HIPAA Compliant)
  • Dashboard and Management Reporting
  • Technology Transition
  • Device Disposition Audits
  • Managed Services

You can also view a video of a webinar that provides more information on the solution:
https://www.portfordsolutions.com/solutions/lifeandhealth/meddevicetracking.html

If you would like more information then contact us at: sales@portfordsg.com

Selecting the Right Document Management Cloud Provider

More and more document management providers are offering cloud-based solutions, but are they offering technology or a solution…and what’s the difference?

Technology Provider vs Solution Provider

Cloud-based offerings can be easy to configure and setup and quickly place the technology in the hands of the business. This is great, but how can you be sure that you are using the solution correctly, utilizing best practices to make sure you are compliant, secure and efficient.

Conceptually a cloud based solution implementation, from a business perspective, has the same challenges as an on premise solution….meeting business requirements, change management, and training to name a few.

Software provides do a great job of providing the technology but are less focused on implementation.

A Complete Solution

At Portford, we started life as a system integrator and became a software company. This gives us the ability to provide a cloud solution to make sure your business gets the support it needs to be successful.

Powered by Our DocuNECT Platform

We not only manage the cloud, the implementation, but also the software to make sure we provide a seamless service:

Benefits of Our Cloud Solutions
  • We Manage the Infrastructure – The infrastructure is completely managed by Portford. This includes server configurations and software updates, backups, security and scalability.
  • Availability Anywhere! – Your environment will be securely accessed via the web, making the solution availability to all employees 24X7, even if they are on the road.
  • Subscription Pricing – No capital expenditure, just pay monthly for what services you use.
  • An Implemented Solution – We don’t just provide you technology but a fully implemented solution using our years of implementation experience.

DocuNECT – The Complete Virtual Printing Solution

Using the DocuNECT virtual print driver can extend document capture to applications that do not easily expose documents or integrate with document management systems. As long as the application is print enabled, the virtual print will work. Document management systems are structured environments that often store business data (index values) along with the document so it can be classified correctly.

What is a Virtual Printer?

The virtual printer is software that appears as a new printer on your machine. However, when you print a document it initiates an application that allows you to enter indexing information and upload the document to your document management system.

Can I set up Multiple Printers?

Multiple printers can be set up to make it easy for users to print documents for different business processes  i.e. Print Invoice, Print Loans, or Print Contracts.

Can I Automate the Indexing Process?

Adding the DocuNECT Discovery module will allow business rules to be defined to automatically extract index information from the content of the document.

What If I need to also Print to a Printer?

There are some use cases where documents still need to be printed to a physical printer. The virtual printer also supports redirecting the document to a physical printer to make the process as seamless as possible.

What about Server Printing?

DocuNECT Virtual Printer can be used as a server printer to capture document print streams be redirected from business applications.

DocuNECT Lifecycle Applications – Automating Document Data Extraction and Verification

DocuNECT manages the complete lifecycle of a document from capture through to retention and easily integrates with third-party document management systems. The lifecycle can be mapped to capture the documents, extract/review data from documents, present issues in a workflow and then release to your document management system.

This model can be applied to many different business scenarios, such as loan verification, accounts payable, human resource on-boarding and many more.

Templates and Enhanced Business Rules
  • Use business rules to classify documents into different categories, such invoice vendors or loan document types
  • Define document type specific business rules to automatically extract index values, or redact Personally Identifiable Information (PII)
  • Assign contextual rules. For example, if you receive an invoice from a vendor that is significantly greater than the historical average then flag it for review by an operator
Document Classification and Indexing Verification
  • Web-based review module to review automatic classification
  • Re-organize pages and documents within the module
  • Web-based indexing/verification visually indicates where business rules fell below the defined confidence threshold and requires review
Machine-Learning
  • Calculates business rule effectiveness by analyzing user intervention
  • Analyzes user intervention to recommend adjustments to business rules
  • Use document type history to adjust business rules
Process Management
  • Use business rules to review or approve data elements extracted from documents
  • Utilize user or role based work queues
  • Dashboard for monitoring progress
See a DocuNECT Lifecycle Application in Action

The following video shows an example of an Accounts Payable lifecycle application.

A DocuNECT Lifecycle Application: VeriComply Used for Asset Verification for MPL Secondary Markets and Securitizations

Since its primary customers are trust companies, VeriComply acts as a sub-verification agent or document custodian. Basically, on getting the loan documents, it extracts data and compares it with loan/data tapes. Outcomes are then discussed with originators and trust company partners to remove any discrepancies. The report is then sent to the client notifying approval status. Loans are verified on various parameters and cover all characteristics of a loan: term, rates, state of origination, APR, etc. It also incorporates the borrower’s information for better analysis.

Considering this is an important cog in the selling of loans in secondary markets and securitization, automating the process gives credibility as well as integrity to the entire portfolio when it sells.

The state-of-art technology used to build the platform means it can quickly configure for multiple originators, loan types, documents, and various field verifications. Fees are charged for the configuration set up, per loan process, and for monthly storage.

Read the full articlehttps://lending-times.com/2017/12/08/asset-verification-for-mpl-secondary-markets-and-securitizations/

DocuNECT Tech Refresh

This article provides a link to the DocuNECT Tech Refresh webinar held on 10/25/2017.

Agenda

This webinar contains the latest information about the DocuNECT v5 product suite and has the following agenda:

  1. What is DocuNECT?
  2. Advanced Extraction Capabilities and Machine Learning.
  3. Joining Capture and Workflow Together.
  4. Integration with ApplicationXtender.
  5. Demonstration.

Recorded Webinar

Articles from VeriComply’s Blockchain Series

Blockchain Series: How would a Secondary Market Asset System Work in Practice?

In the last post “How to overcome these challenges to implement a Blockchain solution for Secondary Market Assets?”, we discussed the concept of a Secondary Market Asset System. This post discusses how to implement such as a “SMA System”. Here are the key steps in the process: Create the Smart Contract– the legal documents…Read More

Blockchain Series: How to overcome these challenges to implement a Blockchain solution for Secondary Market Assets?

In the last blog post “What are the problems to implement Blockchain solutions for Secondary Market Assets?”, we discussed five problems to an effective Blockchain implementation. This post offers solutions for each of them. Problem #1 – Multiple Discounted Systems Solution: Bridge to Blockchain The promised benefit of migrating to the Blockchain is…Read More

Blockchain Series: What are the problems to implement Blockchain solutions for Secondary Market Assets?

People must remember that Blockchain is a technology that is a building block for a solution, rather than a turn key solution itself. The technology infrastructure, business services and legal documentation used today to manage Secondary Market Assets is wholly inadequate to migrate to a new Blockchain paradigm. For this industry wide transformation to Blockchain … Read More

Blockchain Series: What aspects of Blockchain are relevant to Secondary Markets Assets?

Discussions of Blockchain at conferences and cocktail parties range from the underlying technology to crypto-currency, Initial Coin Offerings (now being redefined as Token Revenue Events), to how the regulators will react to all of this. To keep these blogs on point, we will limit our discussions to the three elements of Blockchain most relevant to…Read More

Blockchain Series: Why Blockchain is a paradigm shift that matters?

Why Blockchain is a paradigm shift that matters? The internet has changed every aspect of our lives. However, it is the internet of information where copies of music, videos, and other content can be copied and distributed globally in seconds with little control. This paradigm does not work for Assets, which must be unique, controlled…Read More

Are you ready for the impending Tsunami? How Blockchain will Transform the Secondary Markets for Financial Assets

What’s the Blockchain Buzz about? As the media buzz continues to grow about Blockchain’s impact on the entire financial services industry, just about everyone is trying to figure why it matters and how it will affect them. As Blockchain’s impact will vary by industry vertical and use case, this series of blog posts will focus…Read More

VeriComply Partners with Christiana Trust to Provide Automated Verification

In order to timely close its $163 Million asset securitization, Upstart needed to validate the accuracy of 19,000 over loan files in a matter of hours. Upstart turned to Christiana Trust who had partnered with VeriComply and applied its automated Verification Agent solution. The results, in 2 hours over 19,000 loans processed and verified with 100% accuracy and 100% automation and the delivery of the electronic originals to an electronic vault confirmed. The VeriComply dashboard provided real time access to the process and the repository provided watermarked loan file, audit history and Verification Certificate for future reference.

The Situation

Upstart needed to ensure timely delivery and verification of over 19,000 loan files being securitized in its Grantor Trust 2017-1 deal. Rather than use the “stare and compare” method of loan verification and manual confirmation of delivery to an electronic vault, Upstart engaged Christiana Trust who had partnered with VeriComply. This partnership enabled Christiana and VeriComply to quickly execute the required VeriCompliance Process set up and seamlessly perform the file validation process flow.

The Challenge

The VeriComply team was faced with the challenge of setting up a process flow in a few days to provide a 100% validation (rather than a sampling) of over 19,000 loans confirming that:

  • Each Loan File contained a Promissory Note and a TILA disclosure.
  • The Loans listed in the Data Tape had corresponding documents in the Loan File.
  • The Loan Files had been successfully transmitted to the required electronic vault.

Additional requirements included providing evidence of compliance with rigorous data privacy and security requirements, a complete audit history of all work performed, a document repository for the verified loan files and an automated process to remove loan files from the system upon subsequent sale, payoff or charge off of the loan.

The Solution

The VeriComply team working with Upstart and Christiana was able to meet all these requirements on time and on budget. Here is how it happened:

Set Up Process:

  • Customized process flow designed and deployed in days.
  • Satisfied requirements of the Custodial Agreement.
  • Implemented using VeriComply’s Configuration Templates and Implementation Protocols.
  • Released in accordance with VeriComply’s Operation Qualification Protocol

VeriComply Process Flow:

  • Documents uploaded by secure FTP.
  • Process performed in less than an one hour on 100% of Loan Files.
  • Any exceptions reviewed by Christiana using the VeriComply workflow manager.
  • VeriComply Process audit history available in Project History folder of Repository.
  • A complete record of all exception workflows created.
  • In Process and Final Quality Checks performed.
  • Watermarking with VeriComply Logo and Logo ID on each document in each Loan File.
  • Report automatically populated with verified data and distributed to deal team.
The Results

Using state of the art technology, industry know and compliant Implementation Protocols, VeriComply handled all processing with minimal effort by Christiana Trust and provide Christiana Trust and upstart with:

  • Speed and Capacity– Over 19,000 loans processed in 1 hours .
  • Accuracy- 100% of loans validated with 100% automation and all exceptions verified manually in minutes.
  • Compliance– SSAE16 compliant process that protected Personally Identifiable Information.
  • Performance– Azure computing power “ramped” for peak performance and then reduced to save costs.
  • Timely Deal Close- deal closed on time with ability to verify the delivery of the Loan Files to an electronic repository.
  • Removal of Loans- system implemented to remove individual loans that are charged off, paid off or sold from the Repository.

DocuNECT v5.1 is Released with Support for Microsoft Azure

DocuNECT v5.1 adds support for Microsoft Azure. You can now deploy the DocuNECT platform to the Azure cloud utilize the Microsoft SQL as a Service.

Multi Virtual Print Driver

This release has also seen a significant upgrade to the Virtual Print Driver module, allowing multiple virtual print drivers to be deployed to support different business processes and increase automation.

Smoother UI

We are continuing to improve the User Interface with several usability and performance enhancement to reduce the mouse clicks and increase efficiency.

VeriComply Hires Former LendingClub Executive as President

http://www.prweb.com/releases/2017/2/prweb14076467.htm#!

VeriComply announced today the hiring of Roger Dickerson as President to lead the Company’s expansion into the Marketplace Lending industry. VeriComply has developed a suite of products and services to verify the accuracy of loans being sold into the secondary market. The automated loan verification service validates the accuracy of loan data against the loan documents and creates an audit history that follows the loan. The Company’s solutions enables the verification process to keep pace with the increase in asset velocity of Marketplace Loans.

Prior to joining VeriComply, Mr. Dickerson was VP of Finance Operations at LendingClub where he oversaw investor operations. These operations included processes and technology for order fulfillment, reporting, custody, cash and asset documentation. During his 5-year tenure, Roger facilitated $23 approximately Billion of loans to institutional investors.

Prior to joining LendingClub he was CFO and CCO at PageMill Partners, which provides M&A advisory services to the technology industry. Prior to PageMill, he was a Director of Corporate Development at Charles Schwab and a Director of Strategic Finance and Planning in the Schwab Technology Group. Mr. Dickerson has his B.S., Accounting from DePaul University and a MBA from the University of Chicago.

“Roger Dickerson brings deep expertise in implementing solutions for LendingClub to facilitate loan sales, financings and securitizations of marketplace loans. He can now leverage that unique skill set with the VeriComply technology and processes to help the entire Marketplace Lending industry build greater trust of institutional investors”, commented Roger Cohen, CEO of VeriComply.

“After my career at LendingClub, I had many opportunities, but chose VeriComply as it has the technology, expertise and solution minded culture to help Marketplace Lending instill even greater investor trust in the loans,” said Roger Dickerson. “I am excited to be leading the effort to bring these solutions to the industry.”

About VeriComply.
VeriComply automates the verification of marketplace loans for the secondary market. The Company’s proprietary technology platform and process automatically recognizes loan files, extracts and validates loan data against the source documents and creates a complete audit history. The platform can be integrated with origination, servicing and data aggregation systems to keep accurate loan documents always accessible.

http://www.vericomply.com