P6 VC investment in B4bpartner Inc.
B4bpartner Inc. Introduces First Integrated Web Vault and Electronic Signature System for
Financial Services Industry B4bpartner Announces Major PSINet Ventures Investment
Story Filed: Tuesday, September 12, 2000 5:32 PM EST
CORAL GABLES, Fla., Sep 12, 2000 /PRNewswire via COMTEX/ -- B4bpartner Inc., ( b4bpartner.com), an
Internet solutions software company, has announced the introduction of the first integrated Web vault and electronic signature
system to help banks and other financial institutions convert customers from paper-based transactions to secure, personalized
electronic relationships.
B4bpartner also announced a two-year strategic partnership with PSINet Ventures, the corporate ventures unit of PSINet.
B4bpartner has thus far raised in excess of $1.8 million, including funds raised from private investors.
The b4bpartner system is a unique combination of three patent-pending elements: an Internet-based electronic form generator with
state-of-the-art digital signature technology; a Web vault software system; and an integrated communications platform that
combines both. By implementing the b4bpartner system, a financial institution can offer its customers three value-added benefits:
* The ability to electronically prepare, sign and submit documents
entirely online, directly from the financial institution's Web site, in
order to obtain financial services and products (e.g., credit card
applications, brokerage agreements, loan applications, etc.)
* The flexibility to upload or fax documents into the vault, receive trade
confirmations and financial statements in the vault, securely share
documents with third parties (e.g. an attorney), and control and track
all access to those documents.
* Secure, 24/7/365 accessible Internet storage of critical financial and
personal records in their personalized Web vault.
"With the E-sign law going into effect October 1, financial institutions are facing off in a new battle to sign up customers who want
flexibility and speed when conducting banking transactions online," said Thomas O. Wells, founder and chief executive officer of
b4bpartner. "In order to win in such a competitive market, banks must offer customers the ability to obtain lines of credit, submit
loan requests, grant powers of attorney, obtain mortgages and engage in other business and consumer services securely and
instantly via the Internet. Internet banking is no longer only about paying bills and checking your account balances. Customers
want a high level of service and customization," Mr. Wells said.
What Makes the System Unique
"What makes b4bpartner unique is the integration of our Web vault system with our secure electronic signature technology," Mr.
Wells said. "For example, when a bank customer signs an electronic document, a copy of that document goes to both the bank
and the customer's personalized Web vault, compliant with the new legislation. The bank then sends completed and approved
documents to the customer's vault for review, electronic signature and storage.
"Unlike encrypted email, which can pose major problems when a customer's computer system is not compatible with the
institution's, the notification and retrieval system, integrated with a personalized web-vault, creates a highly secure solution." Mr.
Wells continued.
With b4bpartner technology, institutions have the ability to offer their customers a broad spectrum of financial services directly
from their own company websites. In addition to providing value added services to their customers, the system creates viral
marketing opportunities for financial institutions as customers grant access to critical documents to third parties who must first
access the institution's Web site to view the document.
The b4bpartner system can be applied to any Web site that requires the secure exchange of applications, forms and other
important documents, with the ability to make such documents available to multiple parties.
About b4bpartner Inc.
B4bpartner Inc., is the only company specializing in secure, personalized Web vault and electronic signature technology for the
financial services industry. Its patent-pending, proprietary technology is available to customers as either a software license or as a
private-label applications service provider. B4bpartner was founded by Thomas O. Wells, CEO, an attorney and recognized
expert in electronic signatures.
B4bpartner is a Certified Partner with DigitalWork.com in which it is the exclusive provider of Internet document creation, online
signature and Web vaults within the DigitalWork.com network of sites that includes AOL, Dell, IBM, ATT, Office Depot,
Citibank, Wells Fargo and about 50 others. |
