eSign service by eMudhra makes banking simpler for customer: Vijay Kumar
Traditional way of banking is changing rapidly in this technology driven era. By various means of banking solutions provided by banks and financial service providers results banking services and transactions possible in some clicks. electronic signs or eSigns playing a key role in daily banking transactions and enhances banking with high security.
eMudhra is the first licensed e-Signature Service Provider (ESP) in the country to roll out the new eSign services. eSign is one of the key element for Paperless revolution, as part of Government’s Digital India Program. It offers users a new and innovative way to quickly sign documents using cloud based electronic signatures generated relying on an offline e-KYC mechanism.
Vijay Kumar, Chief Technology Officer (CTO), eMudhra share insights with Businessfortnight on Secure Digital Transformation’ and Cybersecurity initiatives. Have a look
Q. How eMudhra’s latest electronic signature service, eSign, is easing banking process?
Latest eSign services provided by eMudhra enable banking customers to use cloud-based e-signatures for signing purposes, that is more in line with the European Standards of Remote Signing. By enabling banking customers to create a long term (2 years) eSign account (by providing KYC details) and using e-signature remotely with secure two-factor authentication, this model is helping make electronic signatures more accessible and user friendly for common public.
Conventionally, a banking customer has to visit a bank and physically sign on all the documents to complete a banking process. No wonder this was proving to be time-consuming and paper-intensive. Though the usage of Digital Signatures mitigated these issues to a large extent, the usage of hardware crypto token often was a hindrance to providing better user experience. However, the latest eSign service provided by eMudhra makes it much simpler for customer to use legally valid electronic signatures from any device and sign instantaneously.
Q. Could you speak more on various modes of authentication in eSign?
eSign services allow you to use multiple modes of KYC for authentication purpose. Recently the government has introduced PAN KYC, where we remotely verify PAN and other information to authenticate the user. Other modes of authentication include Offline Aadhaar XML, Banking KYC Authentication and Organizational Authentication. These modes of authentication are perfectly complimented by our unique video based face detection technology to speed up the whole process.
Q. How new esign can increase in efficiency and turnaround time?
New eSign service is fully online and enable banks as well as customer to interact/sign remotely anywhere, any time. Leveraging this unique service, banks will now able to centrally process the user’s request and direct respective branch to facilitate the customer, instead of following the usual cumbersome and paper-intensive procedure.
While online banking eased the money transfer transaction, eMudhra’s eSign services has made remote banking more efficient by facilitating presence-less and paperless transaction / interactions of all kinds.
Q. How eSign supports all devices and apps thus empowering Digital India initiative?
eSign services does not require any special hardware capability, and is created using latest Open API standards. This service is technology agnostic and is compatible with most of the latest devices and computers. eSign can be easily enabled in web based banking applications, as well as their mobile applications on Android or iOS. eMudhra also uses its latest proprietary technological innovations which allows the user to easily authenticate from their laptop or mobile device with normal internet connection. This has enabled users from across the country to easily authenticate and electronically sign documents from their devices, without getting any special device or without visiting a kiosk.