Electronic IDentification: The benefits of electronic signatures

Using electronic signatures for digital contracts helps remove frictions such as delayed response or lengthy alternative approval methods, a new case study from Electronic IDentification states.

An electronic signature enables a user to easily approve digital documents and verify others which have signed the document.

The EU regulation Eidas set out three types of electronic signatures. The first is a simple electronic signature. This is a solution which obtains a code by email or phone without using an identity document and is used for low-risk identification operations up to €999 due to no evidence is given on who is signing the document.

The next type is advanced electronic signature, which validates a signature for any type of transaction, at any risk level. These types of systems use stricter identification measures and are deemed as the same level of security as face-to-face interactions.

Finally, Qualified electronic signatures are a more advanced version which can create a unique equivalence to handwritten signatures.

By using electronic signatures on contracts, a company can improve efficiency and lower costs. Not only can the technology ease the signing of digital contracts, but they can validate documents at ARMs or in bank branches.

Electronic IDentification offers a KYC platform which enables users to verify their identities through real-time video. The process takes around 18 seconds and only requires a phone with a built-in camera for a video selfie and video of their ID.

The company also offers a digital signature solution which enables businesses to verify their identities on contracts and digital documents.

Electronic IDentification said, “SignatureID adapts to the different signatures required, depending on the security level or procedure that must be carried out. This solution links with CAs and TSPs to improve the user experience in contracting and to be able to authenticate in multiple ways in any channel but can use the guarantees of the certification authorities in each specific country.”

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