Electronic signatures compliance has become increasingly important as e-signatures have become increasingly pervasive. More than two years ago, numerous businesses had to rapidly switch to remote and online work to curb the spread of COVID-19 and comply with public health and safety regulations. Although digital and automation technology was already on the rise before the pandemic, the sudden shift to remote work arrangements accelerated its growth. Since then, the adoption of digital and automation technology has continued to advance rapidly, as demonstrated by a McKinsey study that shows progress equivalent to several years of development.
While digital signing and the importance of electronic signatures compliance were not initiated by the pandemic, it has amplified the focus on them. The pandemic necessities have led many to integrate digital and e-signature electronic signing options, but several businesses and individuals still depend on physical signatures. Learn more about the benefits of e-signatures here.
Why use electronic signatures?
By utilising electronic signature platforms, you can enhance the visibility and transparency of your online interactions, thereby fostering trust between your customers, business partners, and vendors. Moreover, these tools can significantly expedite processes as documents are submitted, signed, and returned almost instantly, regardless of the distance. With electronic devices, you can promptly access files, review them, and authenticate them without having to print, mail, or scan any documents.
If you are still uncertain about using e-signatures for your essential business documents and approval processes, let us address some of the most common concerns regarding e-signatures. This will help you take advantage of all the benefits they offer.
Electronic signatures compliance
Electronic signatures compliance is one of the main concerns that hinders the adoption of e-signatures. Regional and international electronic signature laws, as well as regulations concerning document presentation, disclosures, and other information, exist, and it is critical for organisations to adhere to them. Fortunately, proficient electronic signature service providers take all of these factors into consideration and keep abreast of the necessary credentials and certifications to ensure that your signatures comply with the regulations.
Laws and regulations governing e-signatures vary by country and industry. For instance, in the United States, electronic signatures are granted the same legal status as handwritten signatures under the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (ESIGN). In the United Kingdom, e-signatures are legally binding under U.K. eIDAS regulations, which stands for ‘electronic identification and trust services.’ In India, the IT Act 2000 gives electronic signatures a legal status, while in the Philippines, e-signatures are authorised under the Electronic Commerce Act of 2000.
E-signature service providers should be transparent about which laws and regulations they comply with in each jurisdiction where they operate.
Fear of forgery or fraud
Whenever new technologies emerge, they inevitably bring with them new risks and potential hazards, which is a significant reason why some people delay adopting them. Security regarding signatures is particularly important.
However, the reality is that most e-signature solutions are secure, thanks to digital signature technology that encrypts and safeguards your online documents through various measures such as audit trails, PKI technology, and more. This guarantees that document processes are 100% encrypted and protected against tampering or forgery. These solutions are based on asymmetric cryptography, which is generated using a public key algorithm with two distinct keys: a private key unique to a signatory, and a public key that is available to everyone and used for decrypting the online signature. When users sign a document, their private, unique, non-transferable key is used to ensure the validity of the signature to others.
When selecting an e-signature solution for your business, it is advisable to verify that the software is up-to-date with compliance and certifications that match your standards.
Eliminate risks with DrySign
Nowadays, numerous electronic signature platforms are equipped with multiple layers of security to safeguard sensitive information. For example, you can implement additional anti-fraud measures such as multi-factor authentication protocols.
In addition to enabling users to sign documents, e-signature platforms can also detect any changes made to the document’s contents, ensuring its authenticity. This empowers you to make quicker decisions, have greater control, and enhanced visibility into your document and approval processes, enabling you to identify inefficiencies and bottlenecks. It’s important to spend time comparing various e-signature platforms to find the one that best suits your needs.
XBP Europe’s DrySign is a secure and legally compliant digital signature platform that streamlines the internal and external sign-off process while offering an array of features for a seamless online signing experience. It is compatible with all internet-connected devices and operating systems, allows multiple signatories to review a document simultaneously, enhances workflow efficiency, is environmentally friendly, and reduces costs associated with printing, shipping, and storing documents.
Sign up with DrySign and start your free trial today!