IDnow InstantSign and eID eSign reduce the cost and complexity of contract signing
Munich, July 9, 2024 – IDnow, a leading identity verification platform provider in Europe, has launched two new e-signature solutions to the market. InstantSign empowers 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.
AML compliance redefined: QES without reverification
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 latest signing solution 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.
“Eliminating the requirement for reverification by reusing an existing identification significantly streamlines the process of issuing a QES in an AML-compliant e-signing journey. 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”, explains Vikas Seth, Chief Product Officer at IDnow.
“Additionally, if reverification 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 organizations.”
eID eSign – Fast verification and secure signing thanks to NFC technology
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 utilizing 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. The use of the NFC chip reduces the risk of identity theft and unauthorized 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 digitalization,” concludes Seth.
