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Times are changing: qualified digital signature for banks and financial institutions

By 13 December, 2017 No Comments

The times are changing

Qualified digital signature for banks and financial institutions

 

Banking transactions are not what they used to be. Thank goodness!

Who is willing to stand in line and wait a long half hour to be seen in a store? Fewer and fewer people Time is money, and if it is possible for a potential customer to get the product they want quickly elsewhere, they will go for it without hesitation. There is no doubt that immediacy is the sign of our times. Why should it be different than when requesting banking or financial services?

Nowadays, thanks to technology, it is possible to contract specific banking products from the sofa at home, the cafeteria or the park; and these operations are not limited to the computer, but can be done with the mobile or tablet, in a fast, easy, and above all comfortable for the customer.

Towards the paperless bank

Since the use of the handwritten signature began to spread in legal documents in the 17th century until the president of the United States, Bill Clinton, stamped his signature on the E-Sign Act in 2000 to validate electronic contracts, there have been many papers that have been used to close agreements and transactions.

Will there come a day when organisations such as banks can say goodbye to the role permanently, for the convenience of its customers and employees?

According to consulting firm Arthur D. Little, “digital signature technology will be present in many areas of our daily life where confidentiality is involved. This technology means greater efficiency and cost savings. ” So, although there is still a long way to go, the digital signature is gaining ground and is increasingly emerging as a solution to save time and streamline procedures in banks and financial institutions. In addition, it is also economical, since they reduce the costs of printing, transport, storage and when the time comes, the destruction of documents.

This paperless conception of the organisation also implies a more significant consideration for the environment, since it contributes to the reduction of carbon emissions, which cause a large part of the greenhouse effect.

There is no doubt that the general adoption of the digital signature will contribute in the future to those banks becoming paperless or at least considerably reducing the volume of paper they use.

Is an electronic signature the same as a digital signature?

With the gradual disappearance of paper and the slow adoption of the digital signature, we are often confused by the terminology used.

On a daily basis, even in the media, it is usual to see that electronic and digital signature is indistinctly spoken as if both terms were synonymous and interchangeable.

However, we must bear in mind that digital signatures are electronic, but that not all electronic signatures are digital:

  • Electronic signature: It is all that is used to sign a document. An example can be the handwritten signature itself on a touchscreen, such as when a package is picked up by courier.
  • Digital signature: It is one that, through an algorithm that encrypts the document, guarantees that the signatory is whom he claims to be. In this way, it protects against identity theft and fraud.

It should be noted that both are accepted and used in many companies and organisations, but the digital signature offers a higher level of security; Therefore, many banks and financial entities are little by little incorporating it among their technologies.

eIDAS and the importance of the qualified digital signature for banks

However, there are different types of a digital signature, and not all of them comply with the regulations that are as important for banks as eIDAS, which we discussed in a previous article.

Regulation (EU) No 910/2014 of the European Parliament and the Council, of 23rd July 2014, on electronic identification and trust services for electronic transactions in the internal market (eIDAS), regulates the digital signature, so it can be recognized equally in all the member states of the European Union, without suffering rejection in any country. It is part of the project to reach a Digital Single Market.

eIDAS establishes three types of digital signature: simple, advanced and qualified.

Qualified signature fulfils several requirements, among them the identification of the signer and to be linked to the signed data, but also has the legal equivalence of the so-called “wet signature”, has the guarantee of recognition within the EU and is based in qualified certificates, which means higher protection of the data. The Certification Authorities (CA), accredited by the EU authorities, issues the qualified certificates.

Therefore, having a qualified digital signature with full legal guarantees is more than convenient for financial institutions: it is essential.

Qualified digital signature of nebulaSUITE

nebulaSUITE offers digital signature through its qualified digital certificates, issued by its own Certification Authority (CA) or by a handwritten signature. Both digital certificates and handwritten signatures are protected by encryption, for a greater security of the information contained in the document.

Customers and employees of banks can sign documents digitally anywhere, either from their workstation or in mobility, and with the maximum legal guarantee. By allowing the issuance of qualified digital certificates through your CA, vinCAsign, nebulaSUITE guarantees compliance with eIDAS for the user’s convenience.

nebulaSUITE also offers the possibility of defining complex and personalised digital signature workflows, which means a time saving, and a higher speed when approving contracts and policies. 

Benefits of using the qualified digital signature of nebulaSUITE

Employees can approve and sign documents from their computers, smartphones or tablets, to accelerate sales, approval cycles, legal review and international transactions with entities such as the European Central Bank, SWIFT, ICO, Bank of Spain and the CNMV.

On the other hand, external customers can digitally sign contracts for convenience and time-saving.

nebulaSUITE allows:

  • Transform the geographical dispersion of customers and employees into business opportunities through the use of qualified digital signatures, eliminating bottlenecks in the process of productivity.
  • Accelerate signature processes with public agencies or other financial institutions.
  • Facilitate transactions for clients when their signature is required (policies, loan agreements or credit card applications).

Do you want to know more?

If you need more information about how nebulaSUITE helps banks and financial institutions to guarantee the highest level of customer satisfaction thanks to the possibilities of their digital signature, we invite you to download our Industry Brief.

You can also request a demo here so that you can check for yourself.