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2021-05-19

Electronic signatures are the future of signing business agreements

 

Digitalization is no longer a trend or a necessity, but a natural process that is a key element in the quest for greater market efficiency. Solutions allowing to settle the matter on-line are not only expected by clients or contract parties, but often required. The signing of an agreement between the two parties should be smooth and only play a small part in the transaction process. Printing, scanning, sending and forwarding documents by post or courier takes a lot of time and generates costs. Entrepreneurs are looking for solutions that are proven, secure, functional and legally binding. The answer to these requirements is an electronic signature.

features of the electronic signature

Ideal for today’s business practices
Digitization has so effectively encompassed the entire business sector that virtually every operation requires an internet connection. Using means of communication such as email has now become standard, even at the level of small service companies or sole proprietorships. The Digital Economy and Society (DESI) Index 2020 shows that 85% of EU citizens go online at least once a week – a significant increase compared to 2014 figures (75%). Also, the percentage of people who have at least basic digital skills increased from 55% to 58%. This, of course, translates directly into investments in ICT solutions by individual branches of the economy. An additional influence on digitization is the scale of smartphone use. In such cases, an electronic signature and attaching it to a business agreement is widely accepted, and often highly desirable. Typically, a classic electronic signature required a physical card and reader, whereas a mobile device is all that is needed to support the SimplySign qualified electronic signature.

Total compliance with legal regulations
Today’s businesses involve various complexities associated with signing contracts. Companies prepare contract documents in detail, specifying each point precisely, this is to avoid legal problems in the future. Many companies are hesitant to go paperless because of doubts about the legal value of electronic solutions. However, the electronic signature has been legally recognized in many countries, in Europe such a document is the eIDAS regulation introducing uniform standards and acceptance of electronic signatures in the countries of the European Union. An additional advantage of a qualified electronic signature is that it has the legal effect equivalent to a handwritten signature. Nowadays, great importance is also attached to the security matters contained in the AML (Anti-Money Laundering) and KYC (Know your customer) directives. The potential of trust and identity services has also been recognized in the application of AML through amendments to the latest version of the Act on Prevention of Money Laundering and Financing of Terrorism, under which the verification of customer identity can be confirmed based on data derived from electronic identification means or appropriate trust services.

Better access to data
One of the main reasons for going paperless is the ability to find information quickly. Searching through cabinets, bookcases, binders and folders to find a document is often quite a challenge. Estimates indicate that employees spend about 30% of their time searching for paper documents. On the other hand, electronic documents are very easy to store and can be easily found. Easy indexing through the use of custom user criteria, such as document type, date or name, simplifies searching so you can access business documents quickly and easily.

Cost and time savings
Among the multitude of operational costs that companies have to incur, the expenditure related to paper supply costs is a constant fixture in any and all companies. Digital transformation is gradually driving companies towards the use of electronic solutions such as electronic signatures. However, many companies may still be considering the option of replacing paper which is seemingly very cheap. However in reality it is not cheap at all. The use of paper involves a multitude of costs, i.e., purchase and delivery of paper itself, printing, photocopying, purchase and maintenance of equipment, storage or disposal. Digital documentation also eliminates the costs associated with transport and shipping of paper versions of documents. The cost related to shipping by courier or postal services is only a few Polish zlotys, but if we multiply this by the number of documents per month we are dealing with quite a significant amount. Electronic solutions can help us save both money and time spent on printing or mailing paper documents. Using an electronic signature also frees up time, allowing you to focus on essential tasks. Digital processes help accelerate business transformation by automating document workflows, minimizing the number of repetitive tasks, replacing time-consuming processes associated with manual data entry, processing, scanning and storage. They also allow to serve customers more efficiently by providing instant digitization of the business agreement approval process. You do not need to be physically present in the office to prepare and sign the document, all necessary documents are readily available online and ca be forwarded to other signatories online. Modern e-signature apps also allow to sign documents using smartphones, tablets or laptops.

Suitable for business agreements and contact with public administration
The range of possibilities of using electronic signatures is very wide, it can be successfully used for contacting public administration, as well as in the course of business. The e-signature use catalog contains at least dozens of examples of use. In terms of contact with public administration, it can be used to sign documents required by the Tax Office, the Social Security Institution, the National Court Register as well as bids in public procurement procedures. It also has a vast applicability in business, it can be used to sign: personnel documents (employment contracts, civil law agreements, agency agreements), contracts, powers of attorney, VAT invoices, sales agreements, copyrights or other civil law contracts. A significant advantage of e-signatures is that a qualified electronic signature is a digital representation of a handwritten signature on a document, of course not in a graphical sense, but in terms of its legal validity, as stated in the eIDAS regulation. This means that it can be used whenever a written signature is required.

High level of security guaranteed
An electronic signature guarantees data integrity, i.e., assurance that no one has tampered with the content of the document after it has been signed. It also ensures proper authentication of the sender by reliably identifying the person signing the document. Non-repudiation is also an important advantage, meaning that it makes it impossible to repudiate a certain action and gives the ability to transact online in a secure manner. Providers of qualified electronic signatures carry out a detailed verification of the client’s identity by comparing the data provided by the client with the data from an ID card or passport.

All of these advantages make the use of e-signatures both cost-effective, secure, and easily accessible. Digitization of processes allows to speed up operations and increase productivity. By enabling quick signing of documents from anywhere, companies can provide better service and acquire new customers more effectively. Market examples show that the use of electronic signatures has reduced the time it takes to sign agreements from 7 days to 1 day. An additional advantage is the guarantee that the transaction is secure and that appropriate legal effects are triggered. The wide range of applications of the electronic signature, both in public administration and business, makes it an extremely functional solution. This will make the use of electronic signatures not just a trend or necessity, but a standard in business communications.