Legally Binding Electronic Documents
Identrus™ and Adobe have partnered to offer a digital signature solution that creates legally binding electronic documents that banks can use to send and receive applications and other documents. What that means is that any party that has an Identrus' digital certificate on file with one of the various certifying authorities (which in Identrus' case are financial institutions) can digitally "sign" a pdf document using special software and Adobe Reader®. Through an encrypted system, that document is then tied to the specific party and the specific document and thanks to a federal law passed last year, is as legal as a written signature.
Following a successful pilot program, Wells Fargo Bank will be among the first to deploy and support the program throughout its multinational line of businesses.
With the Identrus SimpleSign program, the signature appears as a seal on any page of the document. During the document signing process, the author also can designate what changes, if any, can be made to the document. For example, a bank might send out a loan form for which bank customers can fill in personal information and select from various options, but only bank employees could modify the rates and terms on the form. The form can then be sent and received via the Internet or other electronic channels.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 5, 7/04
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