verified digital identity and electronic , a leader in signature solutions, has announced an electronic signing solution specifically for business to business interactions.
With the digitising of consumer markets, and the ability to sign legal documents online, businesses are increasingly looking to take advantage of the cost and time savings of electronic signatures. However, electronic signing in business to business transactions requires an additional level of security to ensure that the business is the correct legal entity, and that the signatory is allowed to act on its behalf.
To support this, Signicat Business Signature allows document recipients to forward a sign order internally within their company to a single person authorised to sign, or to obtain multiple signatures when no single person is authorised to sign alone.
In addition to the processes used to on-board consumers, the Signicat Business Signature includes additional checks of business registers to ensure that the business is the correct legal entity, and the signatory is allowed to act on its behalf. The document is then signed using, for example, an electronic identity or eID (such as Norway’s BankID), a one-time password via SMS or scanning of ID documents.
The Electronic Seal functionality protects and preserves documents such as invoices, diplomas and certificates. By electronically sealing documents, Signicat Business Signature helps to prevent fraud and ensures the document cannot be tampered with.
“Businesses are increasingly looking to take advantage of consumer technology to drive efficiency and to improve manual processes, and the move to e-signatures are a logical step. By doing away with physical documentation and enabling instant contract signing, Signicat is helping to enable digital transformation across Europe,” said Gunnar Nordseth, CEO, Signicat.
Electronic signing brings benefits including assurance of signature validity through ID verification and signing authority lookups; capability for cross-border signatures; option for signers to sign multiple documents in one process; and long-term verification of a signer’s identity. The solution is currently live in Norway and Denmark, and is being rolled out across additional countries as business registry information becomes available.