Germany remains priority for DocuSign as it launches new product with IDnow

DocuSign is joining hands with German identity verification firm IDnow to target regulated industries in the German market with a product that allows document signers to verify their identity and complete agreements using just their smartphone.

The main selling point of the automated identity verification and electronic signatures product is that it enables customers to remain compliant with the country’s anti-money laundering law, known as Geldwäschegesetz, or GwG.

The product is based on Germany’s electronic ID (eID) and designed for onboarding and agreement processes in sectors such as finance, insurance and public administration.

The deal represents an extension of DocuSign’s partnership with IDnow. The duo started working together in 2019, combining electronic signatures and contract management with identity verification for the European market.

“Germany is a priority market for DocuSign, where we’re seeing digital transformation accelerate and demand for compliant, seamless digital experiences rise rapidly across financial services, insurance, and beyond,” says Maxime Hambersin, senior director of Product Management International at DocuSign.

IDnow and its IDnow Trust Services AB were recognized as a Qualified Trust Service Provider (QTSP) last year.

The new solution combines IDnow’s eID-based technology and DocuSign’s Intelligent Agreement Management (IAM) platform. The software relies on a Near Field Communication (NFC) chip and the German eID’s PIN functionality. It removes the need for video verification by automating processes, the two firms say in a release.

“This partnership will not only streamline and accelerate digital signing processes for holders of the German eID card and resident permits but also make identification more convenient,” says  Uwe Stelzig, IDnow’s managing director for Germany, Austria and Switzerland (DACH).

The Munich-headquartered company recently received new strategic investment from Corsair Capital, with the investment firm acquiring a majority stake. The deal is reportedly worth 273 million euros ($295 million) and is one of the biggest German fintech exits in years.

Article Topics

AML  |  digital identity  |  DocuSign  |  e-ID  |  electronic-signature  |  identity verification  |  IDnow  |  onboarding