Gateway Bank cuts process to 5 minutes
A new tool providing fast and secure verification of signatures on documents is set to fast-track the legal witnessing process in Australia.
Officially launched on Wednesday, Livesign, an app created by thelawstore.com.au, removes the need for a physical witness to be present when documents are signed.
Thelawstore.com.au, a digital legal solutions provider, said Livesign combines digital signing and digital verification of identify (VOI) into a clear, concise, non-repudiable signing process, in real time. The Livesign technology is the first of its kind in Australia.
Connecting digital signing and digital verification of identify (VOI) enabled businesses to know with certainty that a person signing a document is who they say they are.
Biometrically binding the person behind the digital signature to their government-issued ID at the point of signing is known as verification of signer (VOS). This meant the digital signature couldn’t be completed by anyone else, making it more secure and less open to fraud than previous processes.
CEO of thelawstore.com.au Ian Hendey (pictured above) said digital signing and digital VOI had become an expectation, particularly in industries such as mortgage lending and conveyancing.
“With the explosion of digital processes and automation over the past few years, we saw a real gap in security, and a gap in the market. Digital VOI only does half the job,” Hendey said.
Livesign provided a technology solution that allowed documents to be signed and a person’s identity proven at the same time, he said. It was “witnessing re-imagined – not witnessing removed”.
“We’re increasing the security of the witnessing process to provide the safety of in-person witnessing with the convenience of digital. Effectively, a mobile phone has become the secure witness in a digital world,” Hendey said.
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Verification was achieved by extracting a passport photo via the ePassport chip and biometrically face-matching the image to the person behind the device, in real time. This reduced the risk of potential identity fraud and human error.
It meant the digital signature couldn’t be completed by anyone else. It was time-stamped by a computer, making it more secure and less open to fraud than previous processes.
Gateway bank head of customer operations Zeb Drummond (pictured top) said the move to a one-stop signature and witnessing solution was overdue.
“Gateway Bank has streamlined its customer service, reducing the digital VOI process and document signing from 12 days to five minutes, whilst also mitigating fraud, operational and security risks,” Drummond said.
“Livesign has removed barriers for customers in rural and regional areas Australia-wide, as they don’t need to rely on the postal service or face-to-face verifications when signing mortgage documents. Additionally, Livesign supports Gateway Bank’s purpose to support Australian’s pockets and planet, taking paperwork out of the verification process.”
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Victoria Statewide Conveyancing director Peter Gajanovic said the ability for clients to securely complete a client authorisation form and verify their identity at their convenience saved time and hassle.
“As a large conveyancing company, Livesign enables us to redeploy time previously spent on verification of identity into growing our business, which is a game-changer,” Gajanovic said.
Keylaw Conveyancing Solicitors legal practice director Perry Russel, said the firm’s clients demanded simplicity and value, requiring partners that integrated seamlessly into its business.
“Livesign does exactly that, delivering a clear verification of identity experience for our clients, alleviating what was previously a major pain point for our firm,” Russel said.
In line with more businesses going paperless, requiring important documents to be sent electronically for signing, Livesign is available for businesses to use.
In addition to saving time, using Livesign would enable lenders, brokers and customers to mitigate risks, especially important in the digital world.
