With the advent of comprehensive regulatory standards for remote electronic signatures within the EU, it is now possible for international contracts and transactions to get signed without delay, saving thousands of €/£/$ in travel expenses, reducing paperwork and enabling the processing of documents more easily, securely and environmentally friendly.
The European Union (EU) regulation for Electronic Identification and Trust Services (eIDAS) has made a significant impact in the completing the customer journey with e-commerce and digitization of transactions using secure digital signatures. There is a strong drive towards remote signing technology, compliant with eIDAS legislation, for electronic signature usage across Europe. The eIDAS standards classify two types of secure digital signatures
The major growth drivers of the digital signature market include:
- reduced business operational costs,
- superior customer experience, and
- enhanced security and control.
As a result, the eIDAS legislation leads the way to digital signature acceptance, providing a variety of benefits to consumers and service providers.
The realization of regulatory standards that legally support digital signatures is a strong business driver, but if not carefully approached, it can add significant overheads to business operations and does not necessarily result in better security. It is critical that compliance requirements and the processes needed to achieve them, are built into a solution from the outset.
References and Further Reading
- Selected articles on Authentication (2014-today), by Heather Walker, Luis Balbas, Guillaume Forget, Jan Kjaersgaard, Dawn M. Turner and more
- Selected articles on Electronic Signing and Digital Signatures (2014-today), by Ashiq JA, Guillaume Forget, Jan Kjaersgaard , Peter Landrock, Torben Pedersen, Dawn M. Turner, Tricia Wittig and more
- REGULATION (EU) No 910/2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (2014) by the European Parliament and the European Commission
- Recommendations for the Security of Internet Payments (Final Version) (2013), by the European Central Bank
- Draft NIST Special Publication 800-63-3: Digital Authentication Guideline (2016), by the National Institute of Standards and Technology, USA.
- NIST Special Publication 800-63-2: Electronic Authentication Guideline (2013), by the National Institute of Standards and Technology, USA.
- Security Controls Related to Internet Banking Services (2016), Hong Kong Monetary Authority