South Africa digital bank, Capitec rolls out eSignature capability
South African digital bank, Capitec is rolling an eSignature capability, by means of a biometric fingerprint.
Capitec claims to be the first South African bank to introduce a legally compliant e-signature which complies with Section 13 of the South African Electronic Communications and Transactions (ECT) Act of 2002, in that:
- The electronic signature used is able to identify the signatory
- The signatory is indicating their approval by applying their electronic signature
- The method of capturing the signature is appropriately reliable under the circumstances under which the document is signed
Executive: Business Development and Technology at Capitec, Wim de Bruyn said, “We’re constantly challenging the norm, helping our clients to live better through smarter, simpler banking. Our transition to paperless banking is in line with this, offering our clients improved convenience in the form of faster service times and simpler processes.”
“We will extend this capability to facial biometrics later this year, allowing our clients to e-sign documents from anywhere, 24/7 on our banking app, ”Bruyn further stated.
The advantages of an e-signature capability include client security: A robust electronic secure, tamper-proof audit trail and the enabling of a multifactor client authentication each time the client interacts with Capitec.
However, customers will be enrolled for the new e-signature solution as they visit the Capitec branch.
Biometric readers can be sanitized anytime a client uses it. Meanwhile paper documents cannot be easily disinfected between parties.
The e-Signature comes at a time where social distancing protocols are being adhered to due to COVID-19, this will reduce inconvenience and help keep South Africans safe.
Founded in 2001, Capitec is South Africa’s leading digital bank with over 6.9 million digital banking clients. The bank currently has more than 840 branches and over 13 500 employees serving South Africans and is still growing.