IDnow, a prominent provider of identity verification platforms in Europe, has recently expanded its product offering by introducing two innovative e-signature solutions, InstantSign and eID eSign.
These solutions are designed to simplify and accelerate the signing processes in the financial sector, which typically involve cumbersome and time-consuming procedures such as loan contract signings.
InstantSign leverages a reusable identity feature, enabling financial institutions to streamline the process. It allows customers who have already completed AML-compliant identity verification during onboarding to sign contracts digitally at a qualified level without needing further verifications or integrations. This integration is fully compliant with European eIDAS regulations, making it a groundbreaking solution in the financial services industry.
Vikas Seth, Chief Product Officer at IDnow, highlighted the benefits of InstantSign, stating, “Eliminating the requirement for reverification by reusing an existing identification significantly streamlines the process of issuing a QES in an AML-compliant e-signing journey. InstantSign has been proven to reduce drop-offs and accelerate contract completion. With physical signing processes sometimes taking days, our customers can now cut this to mere seconds with InstantSign, by foregoing the printing, signing and return process of a hard copy contract.”
Moreover, InstantSign seamlessly integrates with IDnow’s full spectrum of identity verification solutions, including automated, hybrid, and video options, ensuring that the identity data remains current and compliant.
The eID eSign solution specifically targets remote contract signing scenarios, where it utilizes secure Near Field Communication (NFC) technology to verify identities. This process takes less than a minute and meets the high Level of Assurance (LoA) standards. It is currently compatible with German ID cards, residence permits, and EU citizen cards, among others.
Seth added, “With eID eSign, our customers can future-proof their offering according to the German AML laws (GwG) and the European eIDAS regulations. The use of the NFC chip reduces the risk of identity theft and unauthorized access while cutting costs associated with printing, storage and manual handling of documents. Both solutions propel us and our customers into the next stage of compliance digitalization.”
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