1st PM Factors Bancorp Introduces First Digital Signature Contract for Asset Based Lending in the Factoring and Banking Industry.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 8, 2001 Since 1985, 1st PM Factors Bancorp (herein referred to as "PMfactors.com") has been a family owned firm and commercial lender Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
"As a leader in technological innovation in the Factoring and the Banking Industry for Asset Based lending, 1st PM Factors Bancorp has leveraged its success on cutting edge technology with the main objectives of simplicity, practicality and usefulness for our factoring clients nationwide," stated Stephen Perl, Vice President of Marketing and Sales. In 1996, PMfactors.com also introduced the first complete Internet Accounting Interface so that its factoring clients would be able to take better control of their finances and depend less on traditional means of acquiring information through the U.S. mail and even by fax. "On June 2, 2000, President Clinton made it possible for PMfactors.com to go to the next step in making it even easier for us to provide working capital to our new clients throughout the U.S. by signing the Electronic Signatures in Global and National Commerce Act The Electronic Signatures in Global and National Commerce Act (ESIGN, Pub.L. 106-229, 14 Stat. 464, enacted 2000-06-30, ) is a United States federal law passed by the U.S. which gives electronic signatures and documents the same force in law as those done in ink," stated Mr. Perl. "Digital signatures will definitely facilitate business commerce in our industry because time to funding is critical for businesses that require immediate working capital," stated Mr. Perl. PMfactors.com's Digital Contracts for new factoring clients are signed through a Digital Authentication process through its Web site, PMfactors.com. In order to digitally sign a contract, each new PMfactors.com client goes through an authentication process via a secured and non-affiliated third party, where they acquire an authentication certificate that is equivalent to a unique digital "Key." The Authentication Process is based on questions from an individual's unique credit history data stored at Experian, a business division of TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc (NYSE NYSE See: New York Stock Exchange : TRW). Once the individual's authentication process is over, and their "Key" is granted, they may sign digital documents from only their computer and based only on their personal data. And the only software that a signer must have is a free version of Adobe Reader The software that displays and prints Adobe Acrobat documents (PDF files). Formerly known as Acrobat Reader, Adobe Reader is available free from the Adobe Web site (www.adobe.com) for Windows, Mac, OS/2 and various versions of Unix. 4.0 (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADBE ADBE Adobe Systems, Inc. (stock symbol) ). "Although there is no single agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy platform (yet), Digital signatures are now here and legally binding, and a definite tool for sales," asserts Mr. Perl. |
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