System and method for managing virtual signatures and electronic documents
Business transactions are complex and require numerous documents to be completed. Moreover, managing signatures to every one of the documents in such transactions is also an important aspect. Traditional systems and method are not adept at handling the intricacies of complex business transactions. The disclosure herein relates to an improved system and method for managing virtual signatures and electronic documents, wherein documents are managed via an online web infrastructure, the documents are drafted, distributed, collected and verified using virtual signatures at the web infrastructure.
1 . A computerized method for managing virtual signatures and electronic documents, the method comprising:
receiving a transaction engagement at a server, the transaction engagement having a plurality of transaction documents requiring signatures;
generating at the server a plurality of signature documents corresponding to the plurality of transaction documents of the transaction engagement, the plurality of signature documents being based at least in part on signatories of the plurality of transaction documents and signing authority of the signatories of the plurality of transaction documents, each signature document of the plurality of signature documents including at least one signature page, each signature page of the plurality of signature pages corresponding to at least one transaction document of the plurality of transaction documents;
automatically generating at the server electronic signature blocks for the plurality of signature pages, the electronic signature blocks being based at least in part on a signatory identifier and a signing authority, the electronic signature blocks identifying the signatory identifier and the signing authority, the electronic signature blocks including electronic signature codes and computer-readable visual unique quick-response codes for tracking respective signature pages;
embedding at the server the electronic signature blocks into respective signature pages;
creating at the server a plurality of execution packages, each execution package comprising a subset of the plurality of signature documents based on a specific signatory;
transmitting the plurality of execution packages from the server via a network for execution by the specific signatories;
receiving at the server at least one executed execution package of the plurality of execution packages;
scanning, by a scanner of the server, the visual unique quick-response code of the at least one executed execution package for any signature page not electronically signed within the at least one executed execution package;
converting into a desired format, by the server, images of signed pages from the at least one executed package; and
verifying at the server the at least one executed execution package based on the electronic signature blocks of the signature pages.
2 . The method of claim 1 , further comprising tracking at the server statuses of the plurality of execution packages.
3 . The method of claim 1 , wherein one or more users configure the plurality of signature documents via the server.
4 . The method of claim 1 , wherein generating the signature blocks references a third party database to determine the signing authority.
5 . A system for managing virtual signatures and electronic documents, the system comprising:
a database;
a server configured to:
receive a transaction engagement having a plurality of transaction documents requiring signatures;
generate a plurality of signature documents corresponding to the plurality of transaction documents of the transaction engagement, the plurality of signature documents being based at least in part on signatories of the plurality of transaction documents and signing authority of the signatories of the plurality of transaction documents, each signature document of the plurality of signature documents including at least one signature page, each signature page of the plurality of signature pages corresponding to at least one transaction document of the plurality of transaction documents;
automatically generate electronic signature blocks for the plurality of signature pages, the electronic signature blocks being based at least in part on a signatory identifier and a signing authority, the electronic signature blocks identifying the signatory identifier and the signing authority, the electronic signature blocks including electronic signature codes and computer-readable visual unique quick-response codes for tracking respective signature pages;
embed the electronic signature blocks into respective signature pages;
scanning, by a scanner of the server, the computer-readable visual unique quick-response codes;
converting into a desired format, images of signed pages from the plurality of signature pages; and
create a plurality of execution packages, each execution package comprising a subset of the plurality of signature documents based on a specific signatory.
6 . The system of claim 5 , wherein the server is further configured to transmit one execution package of the plurality of execution packages to a client device associated with a signatory for execution of the one execution package by the signatory.