How to ensure all necessary approvals are obtained, the steps for completing electronic endorsements, and the role of stakeholders in this critical phase of check processing.
Understanding the Process
Payment Verification
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- Payment verification ensures all listed stakeholders approve the distribution of funds. All payees on the check must electronically endorse the check for processing.
Signature Requests
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- In situations involving reissues and additional checks, where a full Payment Verification is not required, we send a Signature Request. This request prompts the property owner to provide their digital endorsement, facilitating the processing of these specific transactions.
Electronic Endorsement Process
We streamline the endorsement process by sending secure requests via text and email to each payee. Payees can digitally endorse checks using their finger on a mobile device, eliminating the need for physical signatures and expediting the transaction.
- Reusing Digital E-Signatures
To enhance efficiency, iink allows users to reuse their digital e-signatures. This feature saves time during the signing process, with the option to redraw the signature if necessary.
By implementing these processes, we ensure a secure, efficient, and user-friendly experience for all parties involved in property insurance claim transactions.
Steps for the Verification Request
Initiating the Verification Request:
- After adding stakeholders, initiate the verification process via the iink platform.
- Stakeholders will receive an email or text notification with instructions for signing.
Stakeholder Responsibilities:
- Signer: Required to electronically endorse the check.
- Approver: Reviews and approves the fund distribution without needing to sign.
- Viewer: Views the claim but does not participate in approvals or endorsements.
Digital Signature Process:
- Stakeholders log in to the iink platform using the link provided in the notification.
- They review the payment verification request, including the fund distribution details.
- Stakeholders sign the document electronically to approve the transaction.
Monitoring Status:
- Use the iink dashboard to monitor the status of signature requests.
- Pending, completed, or declined signatures are visible for each stakeholder.
Addressing Issues:
- If a stakeholder cannot access the platform, resend the notification.
- For declined signatures, reach out to the stakeholder to resolve any concerns.
Final Submission:
- Once all signatures and approvals are collected, submit the verification for processing
Best Practices:
- Communicate Clearly: Ensure all stakeholders understand their role and the importance of signing promptly.
- Verify Details: Double-check the accuracy of stakeholder information before initiating requests.
- Monitor Progress: Keep track of signature statuses to avoid delays in processing.
Related Resources:
- How to Add and Manage Stakeholders in iink
- Entering a New Property Loss Claim Check in iink
- Does Every Stakeholder Need to Endorse the Check?
By following these steps and best practices, you can ensure smooth payment verification and expedite the fund distribution process.