New Electronic Signature Solution Announced

CEDAR FALLS, IA – The Electronic Funds Transfer Act (EFTA) and its implementation of Regulation E affects a large number of businesses on a daily basis. According to the regulation, authorization is required in order to process recurring electronic fund transfers (EFT). For companies that conduct most of its business over the phone, obtaining authorization can be a difficult task. However, a new solution was announced today called EFT Agree.

EFT Agree, a Madison Wyatt product, is an electronic signature process. This patent-pending method can be used to authorize recurring payments while the consumer remains on the phone. To accomplish this, an interactive voice recording (IVR) captures the consumer’s authorization through a unique identifier, the phone’s touch tones, and a series of legal disclosures.

The combination of EFT Agree’s processes meet the requirements of an electronic signature, as defined by the Electronic Signatures in Global and National Commerce Act (E-SIGN). It was also specifically mentioned in the Consumer Financial Protection Bureau’s compliance bulletin last month which stated “Regulation E may be satisfied if a consumer authorizes preauthorized EFTs by entering a code into their telephone keypad.”