VirtualSignature-ID, the market leading pioneer of regulatory technology for eSignature and ID verification that helps professional services organisations, financial institutions and other commercial organisations stay compliant and reduce risk, will be launching its game changing new Qualified Electronic Signature solution with re-usable and re-verifiable ID, automated eWitnessing and document certification technology at LegalEx 2023 this month.
Following a Government led drive advocating the adoption of technology to help reduce fraud by encouraging firms to use digital methods for Know Your Client (KYC) and Anti Money Laundering (AML) checks, VirtualSignature-ID has developed a highly sophisticated document signing platform and a mobile app that will avoid the need for a physical witness to be present during the signing of electronic documents. The solution can easily be integrated into firms’ existing case or document management systems and forms part of any workflow.
HMLR has already sanctioned the use of Qualified Electronic Signatures (QES) for documents and deeds as they are seen as the Gold Standard in electronic signatures and they offer “Safe Harbour” for conveyancers who use them. The procedure for applying a QES follows a strict protocol to ensure that the person signing a document really is who they say they are. One of the pre-requisites for QES is that the signer must be identified using NFC (Near Field Communications) technology where the chip in an ePassport is read using a smart phone. To comply with HMLR guidance, VirtualSignature-ID has developed an app that can be used to facilitate this process, as well as enable the end user to take a 3D video liveness “selfie” and scan the photo page of the ID document. In order for VirtualSignature-ID to take the place of a witness to the signature, it has developed multiple layers of technology and complex checks that are used during the process, including geo-location which pinpoints the location of the signer and anti-tamper and anti-spoof functionality. Together, all these create such a high level of accuracy and fraud detection that VirtualSignature-ID effectively becomes the virtual witness and can certify who is behind the signature.
Commenting on the ongoing Gateway partnership VirtualSignature-ID has with HMLR, CEO David Kern said:
“We have been in dialogue with HMLR registrars and are delighted to have received confirmation that “a solicitor does not need to be separately registered with HMLR to deal with transactions which meet HMLR’s Digital Identity Standard”, which means they have decided to go beyond the current pilot scheme.”
VirtualSignature-ID has partnered with GBG, the leading expert in global digital identity, following an in-depth review of potential suppliers who could provide the need for industry leading identity verification and fraud prevention software for inclusion into its platform. David Kern, CEO of VirtualSignature-ID explained:
“We have been working with GBG for some time. They have over 30 years of experience in location intelligence, identity verification and fraud prevention and are widely recognised and respected in their field. We wanted to add substantial credibility to our solution so chose an organisation that clients are familiar with and trust. GBG have been very supportive during the development process, and we look forward to continuing to work together to deliver world class fraud prevention and decision-making tools.”
Commenting on the partnership, Boris Huard, Managing Director, Identity and Fraud at GBG, said:
“At GBG, it’s our mission to build trust in a digital world and our partnership with VirtualSignature-ID, is another example of how, together, we are helping everyone to transact online with confidence. Our tailored end-to-end solutions ensure the identities of potential users around the globe are verified in seconds, creating a safe environment that meets compliance needs without sacrificing the user experience.
We look forward to continuing to work with VirtualSignature-ID to support innovation in the eWitnessing industry.”
VirtualSignature-ID appears on the Gov.UK list of approved Identity Service Providers and is backed by Quality Trust Service Provider Globalsign to certify eSignatures. Its innovative eWitnessing solution is available now and can be seen at stand 351 at LegalEx London on 29th and 30th November this year.
For further information about eWitnessing and other solutions from VirtualSignature-ID please visit www.virtualsignature.com or contact us.
This article was submitted to be published by VirtualSignature as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
