CoSign Electronic Signature Solution Enables Herbalife International eInvoicing Initiative

Leading wellness provider, Herbalife, is using CoSign, Algorithmic Research's (ARX) electronic signature appliance to sign e-invoices in compliance with an EU Directive for Electronic Signatures and the European VAT Directive.

ARX, a leading worldwide provider of electronic signatures and data security solutions, installed the appliance at Herbalife's offices in Luxembourg.

“ARX’s CoSign will provide our financial department with sophisticated electronic signature capabilities," says Theo de Klein, IT Director, EMEA, Herbalife.

CoSign allows users to electronically sign thousands of documents using strong standard electronic signatures within applications such as Microsoft Word, InfoPath, Excel, Adobe Acrobat and AutoCAD. These signatures replace handwritten signatures, sealing them with legally-binding signatures as well as saving on the costs and time associated with paper-based processes.

Combining CoSign's electronic signatures with PKI (Public Key Infrastructure), a standard, mature, and proven technology, ensures signer authenticity, data integrity and non-repudiation of documents.

In 1999 the EU Commission recognized the need for a standardization of VAT rules governing the cross-border transmission of electronic invoices within the EU. Following this, the EU Invoicing Directive was signed by finance ministers in December 2001, simplifying the required content of a tax invoice and removing barriers to the electronic transmission and electronic storage of invoices across the EU. The new rules require each member state to implement the Directive by January 2004. From this date, all invoices sent by electronic means will be accepted as legal VAT documents by all EU Member States, provided the authenticity of the origin and integrity of the contents are guaranteed by means of an advanced electronic signature or electronic data interchange (EDI). CoSign's Electronic signature for eInvoices solution provides simple and trustworthy digital signatures that enable organizations to instantly complete the e-invoicing process.

ARX's BatchSign software to electronically sign numerous invoices in bulk is an additional benefit for organizations that have to sign thousands of documents a month, simply by dragging and dropping the files into the application.

"CoSign can process hundreds of thousands of documents daily, which means any organization's eInvoicing and eArchiving demands will be met into the near future," says Noam Pa'il, sales Director, ARX.

Herbalife is a global network marketing company that sells weight management, nutritional supplement and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 61 countries through a network of more than one million independent distributors and celebrated its 25th anniversary in 2005. In 2004, the company had net sales of $1.3 billion.

More information is available at www.herbalife.com

CoSign is ARX's, tamper-proof, easy to use, electronic-signature solution which delivers an innovative way for electronically signing documents, files, forms and transactions. Based on standard PKI technology, CoSign guarantees signer authenticity, data integrity, and non-repudiation of documents and transactions. With its unique centralized approach, built-in integration with the organization's existing User-Management System and extensive 3rd party application support, CoSign eliminates additional overhead costs.

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CoSign® is a registered trademarks of Algorithmic Research, Ltd. All other trade names and trademarks are the property of their respective holders.

More information about CoSign is available here

About Algorithmic Research (ARX)

Algorithmic Research (ARX) is a leading global provider of electronic-signature and data-security solutions. The company offers a wide range of high-end and state of the art products and services designed to simplify, secure, and accelerate electronic transactions. ARX specializes in designing and implementing easy to use, simple to deploy, electronic signature and security solutions, combining software and hardware products, for small, medium and large computing environments.

ARX has more than 18 years of experience in assisting financial institutions, governmental organizations and commercial sectors to secure and streamline their processes and transactions.

More information about ARX is available here