Why A Connected Signing And Identity Verification Experience Matters

It may come as a surprise to learn that official acceptance of the digital signature process has only been established in the last few years. In the UK, HM Land Registry approved the use of electronic signatures in the transfers of property, mortgages and other property dealings in July 2020.

Historically, the signing process and identity verification have been two distinct operations. However, many businesses have now integrated these two procedures in order to streamline workflow and improve security.

According to research, the global electronic signature market was valued at around $3.9 billion in 2022 and is forecast to increase to £43.14 billion by 2030. As the use of this technology expands, more businesses are acquiring methods that protect digital document verification through signing.

Contents

• How does an electronic signing process work?
• What is the purpose of digital identity verification?
• Why connect signing and identity verification?
• What are the benefits of aligning signing and identity verification?
• Achieve secure identity verification services.

How Does An Electronic Signing Process Work?

Digital signatures are undertaken by businesses to prove the authenticity of electronic documents, such as invoices, contracts and other legal documentation.

Cryptographic (coded) algorithms construct the digital signature process so the recipient of a document can validate the signature of the sender and ensure full document verification.

A digital signature has both public and private keys which are created at the same time as the signature. Unique to the signatory, the private key generates a digital certificate which includes the signer’s name and email address.

This private key ensures that the signature can only be used by this specific person and is attached to the document as their digital signature. Once the signature is produced, it can be verified by any individual or organisation that has the public key.

The public key provides proof that a document is authentic and identity checks it against the signer’s certificate to validate their signature and establish that the document is fully intact.

Using digital signatures for the correct purposes can deliver advanced levels of security for businesses, so they can reduce the risk of fraudulent activity. When combined with identity verification software, the digital signature process can create a more enhanced form of protection for businesses and their customers.

What Is The Purpose Of Digital Identity Verification?

Digital identity verification methods provide businesses with the ability to confirm the online identity of genuine customers. Identity verification software proves that someone is who they claim to be by analysing identity documents and data sources, such as passports and driving licences, to validate given information.

As digital services are increasingly becoming accessed online, digital identity services are critical in the prevention of identity theft. In addition, identity verification software enables companies to streamline accessibility to multiple data points for individuals and speeds up the identification process.

Moreover, the risk to digital transactions from identity theft has grown exponentially and highlights the necessity for secure electronic signatures to confirm identity. This is also increasingly more pertinent in light of Know Your Customer (KYC) regulation.

Fraud is the most commonly experienced crime in the UK, making up over 40% of all crime in England and Wales. According to the latest figures, there were 3.5 million cases of fraud in the UK between 2022-2023. As a result, companies that consistently comply with KYC regulations are more likely to know who their customers are and reduce exposure to fraud.

A resilient and secure electronic signing process goes hand-in-hand with identity verification systems and empowers organisations to bolster their security practices while keeping customer information safe.

Why Connect Signing And Identity Verification?

With a combination of digital signatures and identity verification services, organisations can improve their efficiency capabilities, alongside future-proofing their security competencies, in order to deliver a more streamlined and rapid onboarding process for customers.

Connecting signing and identity verification essentially ensures that you are eliminating human error, removing lengthy manual document verification procedures and aligning with regulatory requirements for transaction transparency.

What Are The Benefits Of Aligning Signing And Identity Verification?

When these two services complement each other, they ensure businesses can achieve the following in confidence:

• - Comprehensive audit trail management, with each customer fully documented using approved evidence of identity.
• - High standards of security to suit both customers and regulatory bodies.
• - Full implementation of multi-factor authentication to ensure every customer’s information is checked and approved according to compliance rules.
• - Increased productivity - many customers can be checked and validated concurrently, improving efficiency rates and customer satisfaction levels.

Achieve Secure Identity Verification Services

Both customers and businesses need powerful digital identity verification solutions that prove an individual’s identity smoothly and efficiently while reducing the risk of fraudulent activity.

Our dedicated identity verification solution is a premium solution that guards against the risk of identity fraud, ensuring compliance and inspiring consumer confidence in your services.

Discover the measurable difference Interpass can make to your organisation through our insights, or book a free demo with our friendly expert team today.