Esign and Estamping
DIGITAL PRE DISBURSEMENT DOCUMENTATION – E SIGNATURE, E STAMP DUTY AND E CUSTODY OF DIGITAL DOCUMENTS
Fundupay offers a Contract Workflow Automation Solution, developed exclusively to ease paperwork and documentation, and aimed primarily at the financial sector. Our digital documentation product provides end-to-end automated documentation, required for business processes like Customer On boarding, Loan Disbursal Documentation, Vendor On boarding, document execution, and many others. Video-based ID verification & on boarding, Aadhaar-based eSign & video signatures, Digitized Stamping, and Automated Recurring Payments via eNACH are the pillars of our Document Workflow Automation module. It is Widget based direct API integration.
Our nation-wide Digital Stamping Solutions help people print legal documents on stamp paper by using our online platform from anywhere. Our eNACH service helps banks and other financial organizations automate their recurring payments digitally, and thereby avoiding a lot of paperwork and saving time. Our legally compliant electronic signatures & innovative video signatures allow remote & instant document execution with seamless electronic evidence creation. Our AI-powered KYC verification solution automates the KYC verification & on boarding process with VCIP & VBIP-enabled digital workflows. We, at Fundupay, offer services that are in compliance with government policies and are legally valid.
E-Stamp Paper Request API– Workflow
Fundupay Offers E stamp paper buying workflow which is one of the important aspects for banking and NFBC industry or Government department which offers contractual work and stamping is required for contract sign off.
Fundupay is arranging E-stamp from 4 states along with E-stamp issuing agency who are partnered with us for issuance of estamp papers as per the borrowers/banks/NBFCs requirement, client can execute the documents instantly post real time receipt of reference receipt from Estamp issuing Agency and original stamp paper will follow after the specified interval.
Current scenario of Physical stamp execution process.
The entire process takes around a 2 to 3 days or sometimes even longer if there are multiple stamp papers involved for the different agreements. This time-consuming and tedious process is crucial in making documents legally valid with missing signatures of some or other pages and mismatch in multiple signature. If not, the document will not be considered as evidence in the court of law in the case of a breach in the terms.
The Manual process was a time-consuming and tedious process
- Client need to visit designated State owned bank branch.
- Fill in manually stamp request form with correct agreement section, party details etc.
- Transfer amount in dedicated account of State owned bank branch
- Submit manual stamp request form in the branch
- Availability of physical stamp paper is major issue with designated bank branches.
- Manually acquire Stamp Paper and print the document on it
- Waiting period is one of two days for getting actual stamp paper.
- Sometimes to avoid this tedious job client handover this job to agents who does this stamp arrangement work with heavy charges
Transformation from physical stamp papers to paperless E stamping is different industries.
With the help of a digital stamping workflow solution, documentation of contracts and agreements becomes easier. With ease of E-stamp duty payment online through API and instant availability of e-stamp reference id for ready to execute documents is very streamlined process and same is well accepted within legal framework.
The following processes can be streamlined using Fundupay E-stamp
Loan Documentation Processes
In the Banking, Fintech, and NBFC industries, loan documentation constitutes as a major chunk of the documentation processes. There is a requirement for Stamp Duty to be paid on all loan agreements.
With E stamp, Stamp Duty on loan agreements can be paid online and client can get instant reference ID and receipts of the same, based on reference receipt client can again instantly e-sign the noted contract documents.
Private Vendor On-boarding Processes
Industries like FMCG (Fast Moving Consumer Goods) are highly dependent on vendor services and have a huge requirement to enter vendor contracts. Buying multiple stamp paper in physical form every month is a tedious process.This process could take days, if not weeks especially when there are multiple parties involved in the transaction.
With Fundupay Digital Stamping Workflow solution, the contract can be executed within a day even if there are multiple parties involved in the transaction.
Contract execution – Government bodies
At various Government department, contract floating and awarding are ongoing process wherein numerous contract executed by different department for different work allotted to different vendors, currently all documents are printed issued to vendors, then vendors go through the same and go for physical stamp papers.
We Fundupay Estamping arrangement a soft copy of contract can be read by vendor and he can get online e-stamps and instantly it can be executed by multiple authorities from both parties.
E-Sign on Documents API - Workflow
At Fundupay we have designed work flow for E-Signature document Service API. The client will make a multiple E-Sign API request based on numbers of documents he needs to E-sign. Though one request at a time. This Esign request is based on Aadhar OTP based application which needs to be authenticated by client’s OTP.
Current scenario of Documents execution
The entire process takes around a week or sometimes even longer if there are multiple signatories involved in the agreement. This time-consuming and tedious process is crucial in making documents legally valid with missing signatures of some or other pages and mismatch in multiple signature. If not, the document will not be considered as evidence in the court of law in the case of a breach in the terms.
The Manual process was a time-consuming and tedious process
- Multiple rounds of manually reviewing the Agreement by parties
- Sign the document using ink
- Courier the document to all the signatories
- Send a copy of the signed contract to the stakeholders
- Legal validity with missed signatures / mis-match between multiple signature
Transforms Documentation Processes from Manual to Digital Signature
With the help of a digital eSign workflow solution, documentation of contracts and
agreements becomes easier. With ease of E-Sign sumission through API and instant availability of E-signed for review and submission is very streamlined process and same is well accepted within legal framework.
The following processes can be streamlined using Esign.
Loan Documentation Processes
In the Banking, Fintech, and NBFC industries, loan documentation constitutes as a major chunk of the documentation processes. There is a requirement for Stamp Duty to be paid on all loan agreements. Additionally, there is a huge requirement of signatures for documents like sanction letters, consent forms, mandate forms, etc, that need to be signed.
With Tiepay E stamping arrangement, Stamp Duty on loan agreements can be paid online and other documents can be signed in bulk using the Digital Signature Certificate (DSC). In addition to this, customers can be invited to eSign documents whenever the need for a signature arises.
Human Resource Processes
Human Resource Departments in every company have the need to make signatures on documents like appointment letters, reference consents, enrollment forms, communications, relieving and settlement letters, suspension and termination orders, and more. The eSign workflow that’s included in Fundupay E-sign can be used to make instant eSignatures on documents. Additionally, records for internal training activities, seminars, policy updates, etc can also be maintained using eSign.
HRDs have the requirement to create contracts like employment agreements, NDAs (Non-Disclosure Agreements), and other contracts on a daily basis. These contracts can be created online and with the help of a Digital Stamping solution, they can be made legally valid through the online payment of Stamp Duty ( if required ). After that, the concerned party can be invited to eSign the document.
With Fundupay, the Human Resource Department’s overall efficiency can be improved by making signatures and paying Stamp Duty online.
Vendor On-boarding Processes
Industries like FMCG (Fast Moving Consumer Goods) are highly dependant on vendor services and have a huge requirement to enter vendor contracts. Executing multiple contracts with physical signatures every month in a physical form is a tedious process. The contract will have to be printed on Stamp Paper, signed and then couriered to all the parties involved in the transaction for their signatures. This process could take days, if not weeks especially when there are multiple parties involved in the transaction.
With Fundupay’s Digital Stamping and eSign Workflow solution, the contract can be executed within a day even if there are multiple parties involved in the transaction.
Contract execution – Government bodies
At various Government department, contract floating and awarding are ongoing process wherein numerous contract executed by different department for different work allotted to different vendors, currently all documents are printed issued to vendors, then vendors go through the same and go for physical stamp papers.
We Fundupay Estamping arrangement a soft copy of contract can be read by vendor and he can get online e-stamps and instantly it can be executed by multiple authorities from both parties.