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We live in the era of digital transformation. The upgrading technology calls for more efficient and hassle-free ways to engage in transactions. One such prominent technology upgrade is observed in the form of an electronic signature. These signatures provide agility and cost-effectiveness that drive successful business outcomes.
According to current U.S. legislation and the Electronic Signature & Records Association (ESRA), electronic signatures are defined as, “ an electronic sound, symbol or process that is attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.”
It is an electronic confirmation of a person accepting the terms of the contract or data collection associated with the signature. It consists of an electronic sound, symbol, or process linked to a record. Hence this wide range of digital signatures enables e-signing software to provide multiple ways of capturing them.
An electronic signature is also accepted in legal terms to indicate a person’s intent to agree to the content of the document they have signed.
Electronic signatures help companies to complete their documentation process in an effective and time-saving manner. These signatures help reduce the overall time essential for closing deals as the documentation reaches the client’s inbox in a couple of minutes. It aids individual companies to arrive sooner at a decision. Electronic signatures are also beneficial for small businesses to carry out efficient transactions and deals with large companies with reduced turnaround times for signature.
E-signature can be any electronic proof of identification like an ATM pin or just a click on “agree” or “disagree” or a typed name on an electronic form or document.
A digital signature is a cryptographic signature which is the most secured form of electronic signature.
Wet signature is the traditional handwritten signature. Name seals are also considered wet signatures as they are created with wax or ink.
The eIDAS regulation passed by the European Commission in 2014 came into effect in July of 2016, unifying the laws of the EU member states. It created a single framework that applies throughout the EU. eIDAS defines three types of e-signatures, namely ‘simple,’ ‘advanced,’ and ‘qualified’ electronic signatures, based on the requirements they meet.
Hence e-signing software must offer compliance to all three types of digital signatures as per the client requirements.
Physically signing a document and exporting a scanned copy via email or any other electronic means can be considered a simple electronic signature. It also involves accepting the terms and conditions of a website.
Often it is not officially binding as there is only a logical association between the sender account and the signature. There is no valid proof of determining who has signed the document.
Hence this signature is known as a simple digital signature as it doesn’t offer much security to the user.
It is easier to design an e-signing software for simple digital signatures comparing to the other two signatures.
Following are the requirements that need to be fulfilled by an advanced e-signature-
An advanced electronic signature provides a higher level of security than a simple e-sign. E-signing software has to comply with the above conditions to create an advanced electronic signature.
It is an advanced electronic signature that makes use of a qualified signature device for creating signatures. It is created based on a qualified electronic certificate to make it more genuine and authentic. An e-sign for electronic documents like National Identity documents, encrypted cards containing e-sign, and certificates, are a few examples of qualified e-sign.
Security and sanctity of data are the prime focus of an e-signing software offering qualified digital signatures. Thus, selecting the best e-signing software for creating this signature is essential.
The research published by AIIM states that “81% of respondents saw a positive return on investment within twelve months of adopting e-signature software. A quarter of those asked said they saw a payback from e-signature solutions within three months.”
The Forrester report suggests that “ e-signature apps reduce the total number of mistakes by an average of 80%.” e-signature software can aid managers, legal experts, and writers by automating workflow and ready to use of content libraries and templates.
Electronic signature usage applies to all sectors of industry:
An electronic signature has certainly, changed our perception regarding the tiered documentation processes. MSB Docs offer hassle-free ways to manage workflows with their e-signing software.
Interested to know more about how MSB Docs’ e-signing software will help your business? Get in touch today.
