IDnow, the European identity verification platform provider, is launching two new e-signature solutions, InstantSign and eID eSign, in a move hoping to significantly streamline lengthy signing processes.
IDnow explained that InstantSign enables financial firms to enhance their existing ‘friction-heavy’ and ‘lengthy’ signing processes, such as loan contracts, by leveraging a reusable identity. Its other new solution, eID eSign, enables users to verify their identity and digitally sign contracts with the help of Near Field Communication (NFC) technology.
Existing solutions traditionally either require a new identity verification before a Qualified Electronic Signature (QES) can be issued or the identification needs to be handled by the financial institution.
IDnow’s InstantSign solution looks to remove these obligations, enabling users who have already performed Anti-Money-Laundering (AML)-compliant identity verification at onboarding to digitally sign contracts at a qualified level, with no additional integrations required and per European eIDAS regulations.
“Eliminating the requirement for re-verification by reusing an existing identification significantly streamlines the process of issuing a QES in an AML-compliant e-signing journey,” explained Vikas Seth, chief product officer at IDnow. “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.
“Additionally, if re-verification is needed due to an expired identity document, InstantSign works seamlessly with IDnow’s entire range of identity verification solutions from automated and hybrid, to video, thus keeping identity data up-to-date, and providing a compliant solution for financial services organisations.”
Utilising NFC technology
Meanwhile, eID eSign enables end customers to verify their identity more quickly and digitally sign contracts remotely.
In under than a minute, users can verify themselves with compliant and secure NFC technology, for a QES that is the legal equivalent to a wet-ink signature on the Level of Assurance (LoA) High.
IDnow’s eID eSign solution currently works with the German ID card, residence permit or EU citizen card, using a secure, compliant NFC chip readout of these documents. It expands IDnow’s existing signing solution portfolio and complements the available identity verification methods for various types of signatures with solutions like VideoIdent, AutoIdent and IDCheck.io.
“With eID eSign, our customers can future-proof their offering according to the German AML laws (GwG) and the European eIDAS regulations,” added Seth. “The use of the NFC chip reduces the risk of identity theft and unauthorised 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 digitalisation.”
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