ST. LOUIS, MO--(Marketwired - Apr 2, 2013) - Equifax Workforce Solutions, a global provider of human resource and verification services, today announced its continued commitment to incorporating electronic signature (eSignature) technology into key service offerings for employers, lenders and other verifier organizations. The company has long been instrumental in promoting the benefits and adoption of electronically signed documents in a variety of programs -- including Tax Credits and Incentives and Employment Verification services -- to deliver greater visibility and efficiency to clients' processes.
Equifax is a pioneer in developing solutions that leverage eSignature technology to improve the processes and integrity that surround businesses' employee data. The company has enhanced its proprietary verification and employer service systems in anticipation of recent changes from both the Internal Revenue Service (IRS) and U.S. Department of Labor (DOL). The changes allow for the use of eSignature technology as an option to eliminate legacy "handwritten-only" signature program requirements on forms vital to securing tax transcripts or applying for various business tax credits. Recent enhancements include:
- eSignature Enhancement to Work Opportunity Tax Credit (WOTC) -- Employers can securely and effectively screen job candidates and claim WOTC benefits with a paperless process that helps eliminate late or missing IRS Form 8850s, brings immediate increase in financial benefit and provides a more efficient and user-friendly candidate experience.
- Enhancements to IRS Tax Transcript Fulfillment Service -- IRS adoption of electronically signed 4506-T forms, a process improvement that Equifax has championed for years, accelerates the lending process and removes one of the final barriers to a truly paperless mortgage application.
- eSignature compatibility that enhances additional Equifax Workforce Solutions including Wage Theft Prevention services, which provides employers with a paperless, automated process to comply with the Wage Theft Prevention Act; Interactive W-4 (iW-4), to help employers onboard new hires more efficiently and ensure they can be productive on day one; and I-9 Management, which provides a paperless, compliant and more efficient method for verifying employment eligibility of new hires even in remote locations.
Paving the way in eSignature products and enhancements, Equifax also enables eSignature via Interactive Voice Recognition (IVR) technology, which allows employees to verify their information regardless of their access to the web and computer skills.
The increased adoption of eSignature technology has been spearheaded by the Electronic Signature and Records Association (ESRA), a Washington, D.C.-based trade association focused on the use and acceptance of electronic signatures and records. Jeff Knott, product management, Equifax Verification Services, serves as Secretary of the ESRA board, ensuring the company remains at the forefront of eSignature developments and continues to create innovative solutions that leverage the technology.
"The available methods for initiating, completing and recording electronic signatures are expanding to meet current business needs -- for remote workforces, for example -- and increasing demand. eSignature technology has already resulted in material cost and time savings for Equifax clients, their employees, job candidates and consumers," commented Equifax senior vice president of Marketing, Anir Pradhan. "Equifax consistently works to deliver solutions that enhance processes, improve compliance and cut costs for our clients. As long-time advocates of eSignature adoption, we see potential for it to accelerate business while improving consumer and employer satisfaction in a wide range of scenarios."
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifaxworkforce.com or www.equifax.com.