New Electronic Signature Solution Announced

Patent-pending product approaches Regulation E from a different angle


CEDAR FALLS, IA – December 17, 2015 – The Electronic Funds Transfer Act

(EFTA) and its implementation of Regulation E affects a large number of

businesses on a daily basis. According to the regulation, authorization is

required in order to process recurring electronic fund transfers (EFT). For

companies that conduct most of its business over the phone, obtaining

authorization can be a difficult task. However, a new solution was announced

today called EFT Agree

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EFT Agree, a Madison Wyatt <>  product, is an

electronic signature process. This patent-pending method can be used to

authorize recurring payments while the consumer remains on the phone. To

accomplish this, an interactive voice recording (IVR) captures the

consumer’s authorization through a unique identifier, the phone’s touch

tones, and a series of legal disclosures.


The combination of EFT Agree’s processes meet the requirements of an

electronic signature, as defined by the Electronic Signatures in Global and

National Commerce Act (E-SIGN). It was also specifically mentioned in the

Consumer Financial Protection Bureau’s compliance bulletin last month which

stated “Regulation E may be satisfied if a consumer authorizes preauthorized

EFTs by entering a code into their telephone keypad.”


Darrell McCormick, Director of Operations at Madison Wyatt, commented,

“Besides fulfilling the regulatory obligations of Regulation E and the

E-SIGN Act, there are many other reasons to use EFT Agree. For example,

during the EFT Agree process, no personally identifiable information is

stored or transferred, reducing the risks associated with PCI compliance.

EFT Agree also requires minimal data storage and infrastructure, making it a

viable option for both large and small businesses.”


While just being introduced to the marketplace, the EFT Agree product has

been in existence since 2013.  Early adopters have seen significantly higher

recovery rates than other solutions.  


Alex Reed, an EFT Agree adopter and Senior Vice President at CBE Group

explained, “In today’s current environment, letters and web portals are most

commonly used to be in compliance with Regulation E. These solutions, while

compliant, have a low completion rate. We have been using EFT Agree since

2013 and typically see a 90-95% completion rate. This means that CBE Group

has the ability to collect more money, all while remaining compliant.”


The higher completion rates can be attributed to the fact that the company’s

agent remains on the line with the consumer throughout the entire process.

By remaining on the call, the agent is able to assist the consumer and

ensure authorization is given.


Reed added, “There is no lag time between the payment plan negotiation and

capturing authorization. It is all handled while the consumer and the agent

are on the phone. In my opinion, this is the most effective and efficient

way to be both compliant and competitive.”


While Madison Wyatt is currently focused on capturing electronic

authorization for recurring payments, the EFT Agree product has the ability

to cross several industry types. It could potentially be used as a

substitution for any electronic signature process such as for contracts and

other signed documents.


For more information on EFT Agree, please visit or call





About Madison Wyatt


Founded in 2012, Madison Wyatt LLC <>  is a

provider of innovative data and compliance solutions. Through its products,

LocateSmarter® and EFT Agree™, the company strives to improve the accounts

receivable environment by offering quality data and easy-to-use Software as

a Service (SaaS) products. Madison Wyatt’s goal is to increase operational

efficiency and regulatory compliance for its clients, enabling them to

maximize their recovery rates.