Resolutions of taken decisions during board and committee meetings, general assemblies, shareholder management, are regular processes that require old-fashioned pen and ink to approve documents. In the times of teleworking, many companies aim to digitise and automate these processes securely and efficiently.
This is already possible with electronic signatures that can enhance your corporate governance being a secure, remote and time-saving alternative.
In this post, we will discuss:
- What is an electronic signature, or e-Signature?
- What types of electronic signature are?
- 3 main benefits of electronic signatures.
What is e-Signature?
An electronic signature, or e-signature, is a digital data attributed to a document or a form. Mainly, it confirms the signer identity and records the document’s content in the moment of signing.
Legally, it approves the person’s consent to the content of the document and its set of data. Some of the e-signatures have the same legal status as the handwritten signature.
3 types of electronic signatures
Based on the EU regulation of electronic Identification, Authentication and Trust Services (eIDAS), electronic signatures have three different legal levels.
It directly links to the electronic identity of a user being used to create a signature, meaning that you can choose an e-signature which best responds to your needs.
Here are three types of electronic signatures:
Simple electronic signature
Any mark attributed to a document to express the consent of a person. This signature is not linked to a trusted identity, so it can be a manually drawn signature on the screen, an uploaded image or a click on 'I confirm' button. This e-signature doesn't have the same legal status as a handwritten one.
Advanced electronic signature
A digital certificate linked to a verified ID of the signatory. The verification of the user ID is based on the less strict KYC procedure. The signature approves every piece of data in the document, and any following change is detectable. The burden of proof lies with the party initiated a signing.
A non-repudiation digital signature with a special legal status in the EU, which is equivalent to a handwritten one. The identity verification is based on a Qualified Certificate issued by a Qualified Trust Service Provider (QTSP) which is on the EU Trust List. Unlike simple and advanced signatures, the burden of proof lies not with the initiator but with the party that disputes the signature.
Thus, based on the legal status of 3 types of electronic signatures, we can conclude that advanced and qualified electronic signatures are the most suitable solution for a business.
Benefits of electronic signatures
In the times of digital transformation and the new normal of teleworking, the implementation of e-signatures in the decision-making process is highly beneficial for business.
E-signature reduces the paper workflow and vanishes manual tasks like printing, obtaining a signature, verifying, scanning and archiving.
In the world of teleworking the implementation of e-signatures allows decision-makers to sign the documents from anywhere and from any device.
Track the signing
of a document
With e-signature solutions, you never lose a document and always see the status of signing and a list of signatories in one online dashboard.
Therefore, in modern circumstances of instant global changes and teleworking, e-signatures are the real treasure of moving your business forward. Stampify is one of the solutions aiming to provide businesses with certified e-signatures.