Biometric electronic signatures for digital ID verification introduced in India, South Africa
The company was founded in Bengaluru in 2018 and claims to be the first Indian company recognized by the government as a “Certifying Authority.” Its focus is to introduce a system for identity management, digital verification and signing across the country.
The app already provides inbuilt security and is compliant with Global PKI, while the final goal is to abide by FIDO standards, according to the report. IDSign’s main unique selling proposition is ensuring contactless digital onboarding for users. The company claims it is the first to deliver an app-based approach for users to onboard themselves, sign documents and verify ID in a centralized application.
Mobile users can use IDSign for digital signatures or as primary ID in the relationship with government authorities and services. The app is already available for Windows and Android beta, with iOS availability to follow in the next weeks. Future plans include scaling the business into healthcare, logistics, e-commerce and retail.
“If you see, the global identity and digital signing market is poised to reach $100 billion by 2021. The India market is still at a nascent stage but holds a lot of promises with developments happening around digital Bharat and Make-in-India. The current pandemic has taught us to adapt to the ‘new normal’ life,” Naveen Chava, CEO of IDSign, told the publication.
“By bringing, digital signing to mobile and on-boarding completely paperless, IDSign is set to take lead into the sector covering areas like regulatory filings, business agreements, HR agreements, healthcare and so on. With these actions, we aim to achieve a revenue target of $20 million in the next 2-3 years.”
South African bank adds biometric fingerprint eSignature
South African bank Capitec has introduced a biometric fingerprint eSignature service for its clients to prevent the spread of COVID-19, a system that is legally compliant with Section 13 of the South African Electronic Communications and Transactions (ECT) Act of 2002, writes IOL. The biometric readers are disinfected after each use, unlike paper documents used in the past.
Clients can be enrolled for biometric fingerprint eSignatures at Capitec branches, and the financial institution says it is the first in South Africa to provide eSignatures that comply with the sectors regulations.
“We’re constantly challenging the norm, helping our clients to live better through smarter, simpler banking,” said Capitec Business Development and Technology Executive Wim de Bruyn in a prepared statement. “Our transition to paperless banking is in line with this, offering our clients improved convenience in the form of faster service times and simpler processes. We will extend this capability to facial biometrics later this year, allowing our clients to eSign documents from anywhere, 24/7 on our banking app.”
Clients that chose the COVID-19 payment breaks will receive a three-month 100 percent interest refund on loans.
HM Land Registry introduces digital signatures
The UK’s HM Land Registry now accepts “witnessed electronic signatures,” meaning digital signatures are accepted for conveyance legal documents as long as there is another person present to also sign the document, Mirage News reports.
This process would be enhanced with two-factor authentication to authenticate that the signatures and people are unique. A document link and an authentication code will be sent to the person’s mobile phone.
Based on feedback it received during a consultation, a new set of guidelines has been published for conveyancers to help providers build low-cost, ready-to-use tools.
“What we have done today is remove the last strict requirement to print and sign a paper document in a home buying or other property transaction. This should help right now while lots of us are working at home, but it is also a keystone of a truly digital, secure and more efficient conveyancing process that we believe is well within reach,” Simon Hayes, Chief Executive and Chief Land Registrar said in a prepared statement. “The more sophisticated qualified electronic signatures are a part of that vision and encouraging those is where our attention will be directed next. I’d like to thank everyone who responded to our consultation on the guidance. This has helped to ensure this new witnessed electronic signature process works for everyone.”
HM Land Registry also accepts deeds signed with the ‘Mercury signing approach.’ To complete property transactions, the institution is discussing the roll out of qualified electronic signatures. If these prove effective, the institution will reconsider witnessed electronic signatures.