Contract conclusion of the future: loan agreements, powers of attorney, etc. — for the first time via smartphone: The FinTech company IDnow, one of the leading companies for secure identification and eSigning solutions, released its product “IDnow eSign” on April 25, 2016: This replaces the written signature and enables convenient contract conclusion on the Internet.
The eSigning solution meets the strict signature requirements of German lawmakers, EU directives, and the soon-to-be-enacted European Electronic Signature Regulation (eIDAS) for legally binding electronic contract conclusions. Qualified electronic signatures enable legally secure conclusion of contracts that require written form, among other things.
Digitize business processes
The principle itself is well-known, but until now it required many different processes and the acquisition of hardware and software from various vendors. IDnow has set itself the goal of optimizing this and digitizing business processes.
Users now have the option not only to identify themselves online but also to submit their legally binding declaration of intent digitally. The eSigning solution is equivalent to written form in Germany and recognized in all European member states. Furthermore, the solution is protected by a patent throughout Europe.
Armin Bauer, founder and managing director of IDnow, explains:
"From the very beginning, our vision was to offer our customers a completely digital solution for business transactions. This enables customers to implement real-time processes, for example, to disburse loans within hours because there's no need for mail. This significantly increases customer convenience and significantly increases the conversion of product transactions."
Previously, qualified electronic signatures (QES) required technical expertise to set up on a computer, in addition to a chip card, reader, and signature software. IDnow now offers a convenient, TÜViT-certified software solution. Creating an electronic signature now takes just a few minutes.
