VoiceLog Launches Phone-Based ElectronicSignature
GAITHERSBURG, Md. - (03/22/06) -- VoiceLog LLC, a provider of thirdparty verification, announced the introduction of a new phone-basedelectronic signature process designed for automated demand draftand debit authorization. The system, called Reg E Xpress, uses acombination of VoiceXML, a speech-based interactive voice system,web pages, email and standard mail to meet the requirements of theFederal Reserve's new rules allowing financial institutions to userecorded telephone conversations as electronic signatures toauthorize recurring debit transactions. The process eliminates theneed for consumers to write checks each month and reduces the costsof processing paper checks. Reg E Xpress connects the consumer tothe VoiceLog system, which asks for the necessary information andrecords the answers, then gives the consumer a toll-free number toretrieve the agreement.