OREM, Utah - iLumin Corp. is expected to announce today that it is piloting a digital signature software product with 40 companies, 10 of them in financial services.
The company's Digital Handshake System uses digital signatures to close transactions online. iLumin has been developing the product for four years.
The company will also announce that it has received $20 million in its third round of funding. Deutsche Bank, Alex. Brown, and Rock Creek Ventures led the investors. Deutsche Bank is also one of iLumin's pilot customers. It is testing the product in its London and New York offices.
Zions First National Bank of Salt Lake City is also a pilot customer and this week will probably become the first bank in the United States to close a complete mortgage online using the software, said D. Brent Israelson, iLumin's chief executive officer and president. iLumin is working with Digital Signature Trust, a subsidiary of Zions, to offer the service.
"We will close a set of mortgage documents that will be legally binding," Mr. Israelson said.