In business, being ahead of the curve is often seen as a positive. Staying ahead means you’re doing well and being aware of future trends. In 2011, Virginia became the first state to make remote online Virtual Notarization (RON) legal. In 2020, during the COVID-19 pandemic, almost all states adopted legislation or executive orders to permit RON.
Convenience
For example, if someone needs a document notarized and can’t leave their home due to weather or transportation issues, this can be solved with remote online notary services. It’s convenient for the parties involved.
eCommerce businesses that allow consumers and firms to buy, sell, order, and pay online have various documents that require Virtual Notarization. With a simple click, an individual can connect with an online notary to have their document notarized remotely. Lenders and customers alike enjoy new levels of convenience with a seamless, end-to-end digital process. Using a customizable RON platform, individuals can pass through identity-proofing processes and complete the Virtual Notarization process on their smartphone or desktop, no matter where they are, providing top-level usability for users. Moreover, this approach reduces paper consumption by eliminating the need for a physical notary to sign off on documents.
Security
While some people may be concerned about security in virtual notarization, it’s important to remember that the process is just as secure as traditional in-person notarization. Virtual Notarization conducted by a certified third-party vendor with tamper-evident verification and digital audit trails can help mitigate any concerns. Additionally, a reputable RON platform will also meet and uphold your state’s laws and guidelines. And, if you choose a platform with an identity credential analysis feature, your documents will be automatically checked for validity to avoid human error. In addition, RON allows you to save time by meeting with signers over video instead of in person. This can be particularly useful as coronavirus concerns continue to prevent travel for notaries and signers alike. RON-certified notaries can conduct notarial acts in multiple locations in their commissioning states.
Efficiency
Having access to remote online Virtual Notarization creates new efficiencies for businesses. RON is ideal for supporting standard documents like employment contracts and real estate closings, accelerating the signing process, and minimizing delays in business operations. For mortgage lenders, Remote online Virtual Notarization eliminates the need for them to print physically and mail documents to borrowers. It also saves on paper consumption and significantly reduces the time mortgage lenders spend verifying signatures manually. Charitable organizations deal with various legal documents that need notarized, including waivers and agreements. Streamlining the document process through a virtual notary solution allows charitable organizations to focus on their mission of helping those in need. It also minimizes inefficiencies related to physical notaries and travel that drain valuable resources and funds.
Flexibility
In-person notarizations require the signer to travel to an office or public venue, which can be inconvenient for both parties. Remote online Notarization (RON) eliminates these hassles by allowing a document to be signed on a laptop or smartphone with an internet connection, ensuring it can be done anywhere, anytime. RON enables the lender to offer customers a seamless and efficient process, eliminating barriers and reducing delays. It’s also more secure, utilizing identity verification and fraud-evident encryption technology. Additionally, RON makes the process more convenient for borrowers by enabling them to connect with a live notary at a time that suits them, helping to expedite closing and secure their loan funds faster. It’s fast, simple, and easy – upload the document, verify identity, and connect to a notary through audio-video technology.
Scalability
As businesses have shifted their processes into the digital space during the COVID-19 pandemic, notaries have stepped up to meet that demand with remote online Virtual Notarization (RON). Providing efficiency for customers and business owners alike, these solutions allow individuals to complete documents and transactions without having to schedule an in-person appointment and then travel to meet with someone. Companies that serve financial institutions utilize web-based identity verification and teleconferencing tools to conduct auditable transactions that avoid traditional in-person contact. They also allow signers and notaries to choose a time and place that works for them while adhering to social distancing protocols. As these services have become more widely available, they’ve seen a significant increase in their operations. This growth is due to the ease with which these technologies are scalable, allowing them to be implemented by more organizations.
