When making transactions online, it is crucial to use documents that require signatures to verify one’s identity – whether it is an individual or a legal entity. In the past, the traditional method involved scanning signed documents and uploading them to a database. However, with technological advancements, many organizations have switched to using eSignatures instead to streamline the signing process and make it more efficient. It is important to note a distinct difference between an eSignature and a Digital Signature regarding encryption and security levels. An eSignature, an electronic signature, does not have any form of encryption or licensing, making it suitable for signing standard documents, such as those that end in an email or those that have been scanned and saved as a signature file. To clarify, we can make the following comparison:
- Electronic signatures are used to verify document authenticity.
- There is no certificate available from a trusted authority.
- The document includes various written expressions, including scanned images of handwritten text, speech, and symbols.
- Digital Signature is more secure than eSignature.
- This phrase is perfect for clearly communicating one’s intentions or indicating agreement with the terms of a contract.
- Used for confirming and validating electronic documents. It ensures the authenticity and integrity of the document.
- Data protection is licensed and encrypted; digital certification authorities control it.
- The signature is comparable to a fingerprint and can be verified for accuracy, ensuring higher precision.
- This option is ideal for documents requiring extra security for sensitive data.
Benefits of using eSignatures and Digital Signatures
- Lower your business expenses.
- Provide comfort.
- Ensure high levels of security.
- Obtain certification and legal validity.
📍 For businesses looking to use eSignatures, it is essential to consider eKYC. eKYC is vital in identifying and verifying customers’ identities before conducting online transactions.
If you are interested in SCB TechX’s eKYC solution, we have specialists to advise and help you assess your company’s system readiness. Please contact us at: