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CIC Teams With CSC to Offer Cutting Edge eSignature Solution to Banking Industry
Aug 15, 2008 (08:08 AM EDT)
REDWOOD SHORES, Calif., Aug. 15 /PRNewswire-FirstCall/ -- Communication Intelligence Corporation ("CIC") , a leading supplier of electronic signature solutions for business process automation in the financial industry and the recognized* leader in biometric signature verification, today announced that it has formed an alliance with CSC , a leading information technology services company. Under the agreement, CSC will incorporate CIC's SignatureOne(R) Ceremony(R) Server software into selected CSC banking systems sold as licensed software and hosted as software-as-a-service (SaaS) offerings.
Under the terms of this agreement, CIC will provide CSC with its SignatureOne Ceremony Server solution. CSC will incorporate and package CIC's secure signatures into several enterprise applications and offer this service directly to its clients, expanding CSC's broad portfolio of financial services solutions. This solution will enable the rapid deployment of fully paperless transactions and provide CSC's clients significant return on their investments based on further compression of current business cycles, increased customer satisfaction, as well as major reductions in shipping, data entry and rework due to errors/omissions associated with paper-based transactions.
Increases in default and foreclosure rates, especially in the subprime sector, have prompted a new urgency to control risk and default management and opened up opportunities for new technological solutions. CSC has several offerings, including its EarlyResolution default management application, that provide lenders the tools to address potentially problematic mortgage loans. CSC's first eSignature implementation, which is for a top ten U.S. bank, is part of an end-to-end solution enabling the approval of documents required to complete one of a wide range of reinstatement and workout options for troubled loans. With eSignature, the servicer will be able to process loan modifications more efficiently and effectively. Workout processing and closing will be substantially expedited with this paperless process.
"Our banking industry clients are increasingly seeking electronic signature solutions," said Jeffery Schwalk, Vice President and Managing Director of the Banking Division within CSC's Financial Services Sector. "With this alliance, we've combined the experience of two market leaders to offer a more cost-effective, secure and efficient process for signing new loan applications, opening new accounts and fulfilling service requests."
"Teaming with CSC represents the next step in our continuous efforts to truly deliver end-to-end solutions and services to meet the complex and broad needs of financial services organizations," stated Guido DiGregorio, CIC's Chairman & CEO. "We are now able to offer the industry a complete hosted or licensed solution and an automated process that results in greatly expedited response times. We look forward to working with CSC and to extending our electronic signature technology to enhance CSC's other financial services platforms."
The SignatureOne Ceremony Server is a J2EE server product that provides the capability to define and manage an electronic signature process within a Service Oriented Architecture (SOA) to be implemented in an On-Premise Deployed Model or through a SaaS environment. This product enables the use of web services to pass documents and/or packages of documents and related XML metadata to a server that facilitates end-to-end management of multi-party approvals of PDF documents.
The financial services sector is CSC's largest commercial vertical market. CSC makes change practical for leading financial services firms around the world. To complement its capabilities in consulting, systems integration, and business process and IT outsourcing, CSC brings deep financial services industry knowledge and experience, a comprehensive portfolio of financial services application software, and an extensive network of industry and technology partners. With a 35-year financial services heritage, CSC's systems and services process policies, investments, deposits and loans for 1,200 of the world's premier financial services organizations, including two-thirds of the world's top 50 insurers and one-third of the top 50 banks.
Communication Intelligence Corporation ("CIC") is a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification. CIC's products enable companies to achieve truly paperless work flow in their eBusiness processes by enabling them with "The Power to Sign Online(R)" with multiple signature technologies across virtually all applications in SaaS and fully deployed delivery models.
Industry leaders such as AIG, Charles Schwab, Prudential, Nationwide (UK), Snap-on Credit and Wells Fargo chose CIC's products to meet their needs. CIC has deployments with over 400 channel partners and enterprises worldwide representing tens of thousand of users, with over 500 million electronic signatures captured, eliminating the need for over a billion pieces of paper. CIC sells directly to enterprises and through system integrators, channel partners and OEMs. CIC is headquartered in Redwood Shores, California and has a joint venture, CICC, in Nanjing, China. For more information, please visit our website at http://www.cic.com .
*In October 2007, CIC was awarded the 2007 Global Frost & Sullivan Award for Market Leadership in the dynamic signature verification market.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 90,000 employees and reported revenue of $17.1 billion for the 12 months ended July 4, 2008. For more information, visit the company's Web site at http://www.csc.com .
Forward Looking Statement
Certain statements contained in this press release, including without limitation, statements containing the words "believes", "anticipates", "hopes", "intends", "expects", and other words of similar import, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the Company's technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect the Company's business; (3) the Company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the Company; and (4) general economic and business conditions and the availability of sufficient financing.
CIC, its logo, Ceremony, Sign-it and the Power to Sign Online are registered trademarks. All other trademarks and registered trademarks are the property of their respective holders.
Contact Information CIC Investor Relations & Media Inquiries: Chantal Eshghipour 650-802-7740 firstname.lastname@example.org CSC Marian Kelley 512-275-5722 email@example.com
CONTACT: Investor Relations & Media Inquiries, Chantal Eshghipour of firstname.lastname@example.orgCommunication Intelligence Corporation, +1-650-802-7740,; or Marian Kelley of CSC, +1-512-275-5722,
Web site: http://www.cic.com/ http://www.csc.com/