Mitigate the risk of fraud and forgery in every transaction with Proof.
June 20, 2023
Customers have said they don’t want to hire a team of lawyers to manage the platform. In short, they need to be certain that they can trust the person signing and that it was legally executed.
Every agreement has different rules for how it should be signed. Understanding all the rules can be a challenge. It’s a complex sea of rules, some of which are governed by state/federal law, regulatory requirements, industry acceptance and the company policy when it comes to risk.
For example in most states a deed to a property requires a notarization; but in FL, a notarization with an additional witness is required. Odometer Disclosures can be signed with an IAL2 verification, but other states require a notarization. Some customers will be fine with a basic signature, but crossed a certain threshold, they will want it notarized. Having businesses try to understand all these rules becomes a huge burden. This is why we’ve built Proof as a smart platform.
Our Smart Execution Engine already understands how to perform a notarial act in every state we support. In real estate, our platform takes into consideration the state law, county recording rules and underwriting policies to make recommendations on how to execute the document so that it’ll be legally accepted by all parties.
Our Eligibility Engine can take the input of the property address, with the corresponding underwriter and produce a recommendation on whether or not this property can be closed with an online notarization. This is heavily used in real estate to ensure the closing will be accepted by the county and the underwriter will issue a title policy.
Outside of real estate, our platform today can recognize certain documents and recommend that the user provide a secondary form of ID, route documents to notaries in specific states or prompt for signatures from additional witnesses. In the future our Smart Execution Engine will take company risk and compliance policies as another input into the decision. Businesses will be able to decide when to use basic eSign, notarization or a Proof all on one platform.
Proof is the first platform to understand state laws, regulatory requirements, industry standards, and company policies to execute every transaction properly. Finally, you can digitize your operations without taking on the complexity of understanding managing the legal and compliance behaviors of the platform.
Here’s where we’re going with the Smart Execution Engine. Customers don’t need AI to read the agreement that they generated from their own system. Instead we believe customers will want to understand the intricate labyrinth of rules that make an agreement legally enforceable. And all of that recommendation should be available at the push of a button. This is where we’re investing with the Smart Execution Engine and we hope to unlock this potential for all industries in the future.