IDnow, an identity verification platform provider in Europe, has launched two new e-signature solutions to the market. InstantSign enables financial businesses to innovate friction-heavy and lengthy signing processes, such as loan contracts, by way of a reusable identity, while 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 removes these obligations, allowing 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 in accordance with European eIDAS regulations.
Officials from IDnow explained that InstantSign eliminates the need for reverification by reusing existing identifications, streamlining the Qualified Electronic Signature (QES) process and reducing drop-offs. It accelerates contract completion from days to seconds by avoiding physical signatures. If reverification is needed, InstantSign integrates seamlessly with IDnow's verification solutions, ensuring compliance for financial services.
eID eSign allows end customers to quickly verify their identity and digitally sign contracts remotely. In less than a minute, users can verify themselves by utilising 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.
According to IDnow, with eID eSign, their 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 unauthorised access while cutting costs associated with printing, storage and manual handling of documents. Both solutions propel them and their customers into the next stage of compliance digitalisation.
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