Electronic signatures have become commonplace, enabling signatories to approve or agree with the terms of a document from anywhere instantaneously.. An electronic signature uses computers to authenticate the signatory and certify the integrity of the document. Digital signatures are a subset of electronic signatures that use complex algorithms, certificate authorities (CAs) and trust service providers (TSPs) to authenticate the signatory along with the integrity of the document. By creating a unique digital fingerprint, digital signatures provide the highest level of security assurance by verifying the signer’s identity. 

Electronic signatures are instant, portable, legally binding, and they reduce our harm to the environment. Electronic signatures accelerate approvals and agreements by eliminating idle periods from the process as well as allowing signatories to sign from virtually anywhere on the globe, using any device. They are legally binding, with many countries passing legislation that endows electronic signatures with all the same legal authority as an on-paper signature. The removal of the necessity of hardcopy documents also makes signatories’ and companies’ overall carbon footprints smaller.

Digital signatures can provide evidence of origin, identity and status of electronic documents, transactions and digital messages. Digital signatures are based on public key cryptography,  two keys are generated creating a mathematically linked pair of keys: one private and one public. Digital signatures work through public key cryptography’s two mutually authenticating cryptographic keys. For encryption and decryption, the person who creates the digital signature uses a private key to encrypt signature-related data. The only way to decrypt that data is with the signer’s public key. If the recipient can’t open the document with the signer’s public key, that indicates there’s a problem with the document or the signature. Digital signing certificates, also called public key certificates, are used to verify that the public key belongs to the issuer. Signing certificates are sent with the public key; they contain information about the certificate’s owner, expiration dates and the digital signature of the certificate’s issuer. Ultimately, a digital signature consists of an electronic signature on the document, a cryptographic hash that is unique to the author’s documents and is used to verify the authenticity of the document, the signing certificate from the CA and the private key.  

Gold Sponsor of the upcoming 2nd Client Onboarding and Digital Identity Summit for Financial Institutions, OneSpan provides electronic signature and other digital agreement technologies to commercial banking. They provide live electronic signature technology where documents can be signed in a virtual room with built-in videoconferencing and co-browsing to drive up customer engagement for processes that require human assistance. Delivering digitally optimized experiences through human-assisted, virtual signing helps banks and insurers provide personalised service and answer customers’ questions in real time. They provide strong identity verification and authentication options to ensure you know exactly who you’re transacting with and that all participants in the agreement process are who they claim to be.

In conclusion, electronic signatures and digital signatures have revolutionized the way documents are authenticated and approved, offering a blend of convenience, legal validity, and environmental benefits. While electronic signatures simplify and expedite the signing process, digital signatures provide an added layer of security by ensuring the authenticity and integrity of documents through advanced cryptographic methods. To meet with OneSpan and connect with industry leaders, attend the Innovatrix 2nd Client Onboarding and Digital Identity Summit for Financial Institutions in Prague, Czech Republic, on September 18–19, 2024.

For more information, visit our website or email us at info@innovatrix.eu for the event agenda.