(Newswire.net — February 15, 2020) — Electronic processing of documents has been developing rapidly in all sectors. Banking is not exempt from this innovative leap in technology. Electronic documentation and electronic signature of banking permits a more reliable and enhance process for banks. The most important aspect of banking activities is providing confidentiality and security of financial data. This an important factor for both a bank’s clients and their duty towards their clients. Most of the modern banks have adopted electronic portals completely. It could be a small bank or even internationally expanded bank; either way, they are subjected to the same issues regarding delivering high-trust electronic signing solutions in banks. A trustable banking solution requires matching with few basic features;
Electronic banking
it is true that the technology of electronic documentation is widespread. Although this is not the only reason why banks have to take an interest in electronic banking. It is a lot more secure than physical documentation that involved paper and ink. They are now offering their client registrations, contracts, loans, and almost any other banking-related documents through an electronic portal. However, electronic signing is marked as a safer option and not safe. Hight-trust solutions are offered to address data protection issues with banks.
Electronic signing
An electronic signature is a lot similar to where it has been generated from; the physical ink signatures. They serve the purpose of identity proof of the signatory and the date of signing. The first versions of e-signatures were the buttons on an electronic banking portal that stated: “click to sign”. This system provided to safety and was easily meddled with by anyone.
Although a strong e-signature offers a two-step verification together with a generic signature. a two-step verification requests the user to verify their identity; once it is done through an already registered email or a call or an SMS code. The second verification is on the electronic portal’s page. Although this document is signed by the bank itself and not the customer. A generic signature integrates a more valid required option to e-signature of the electronic document.
A generic e-signature uses a model to recognize the identity of its signatory. Upon registration, banks request an initial digital signature from their client. This data is stored in a cloud space along with confidential identity information. The electronic application uses the original signature as for the comparison model with the following signatures. If there is any mismatch between the two, the banking procedure would not carry on.
Other safety aspects that a generic e-signature offer is the locality of the person putting the signature, exact time and date through encryption data and other identification smatterings that could be pinpointed by the application itself. Any error is indicative of possible fraud and alert the banking system and sometimes even the clients.
High- trust signing solution
The banks had incorporated many systems to avoid electronic signing frauds. According to Carlos Gonzalez, the most recent addition is known as the high-trust signing solution. it is best for the remote signing of a bank’s online portals. A convenient addition to users to cut their frequent trips to their banks. A high-trust signing solution facilities clients to carry out almost all the in-bank activities.
Banks used complicated systems such as PKI to perform their in-bank important transactions and documentations. This system required card readers, software only compatible with computers, sometimes even a frustrating trial-and-error process. A much faster solution we’re mobile-friendly, secure software that permits remote electronic signing.
These systems offer high levels of security using an advanced cloud-based system for verifying the banking lets identity. They use signing keys for verifications; these keys are kept in confidential cloud space for performing non-reputable signatures. These systems have been tested for their capabilities with banking regulation including; Europe, America, and other interconnected countries to global banking.
Features offered by a high-trust online banking solution software
The software adopted by banking systems alongside high-trusted signatures must offer other user-friendly features;
- Software efficiency
There are many applications directed towards a bank every single day; Loans, forms, statement requests, credit card payments, discount petitions and many more. Filling all these forms by clients must be easy. Intuitive software that offers the most recent levels of security features user-friendliness as well. A client can access signs and sent these documents simply using a stylus pen.
- Integration with other portals
Considering electronic banking as a part of an electronic document evolution, it must be compatible with many forms of documents. Google, Sharefiles, Dropbox and many more the application which is used as a medium for document transaction. A client must be able to use these features easily on their banking software; where they can securely sign them electronically.
- Security of bank and clients
When it comes down to financial confidentiality, the first thing that comes in the mind is banks. It is the most important aspect of electronic banking as well as electronic signing. Cloud data encryption is the most recent and efficient system most of the banks are using.
- Key configuration
A high-trusted banking system uses a key model for accurate data configuration. This cloud space model is used for identifying the rightful account holder and the topmost secure standard protocol. A key signature is offered along a two-step verification process on the user’s mobile phone for optimum security levels.
Conclusion
E-signature is one of the most important aspects of online banking that requires special care. This is to ensure a secure transaction and avoid third-party access to encrypted data. Banks are on constant try to protect their reputation and keep the entrusted matters of their clients safe. The high-trusted e-signing solutions offer the maximum security levels up to this date.