Electronic Signatures: Syngrafii At The Forefront Of Innovation – Silicon Luxembourg
Although our world is becoming more digital with every second that goes by, many documents still require a physical signature to seal an agreement. This is still the case when opting for online subscription, be it in the banking world, the insurance sector, or real estate: the contract cannot be considered final until the ink of the pen has applied your original signature on a paper document. The question then, is: how can digital solutions offering speed and flexibility be combined with the tradition and the security of an original signature?
(Featured Image: Syngraffi developed a Patented solution enabling users to sign physical and digital documents remotely while guaranteeing optimal authenticity and security / Image Credit © Syngrafii)
Syngrafii provides an innovative Patented solution. The Canadian company has developed several Signature and Compliance solutions supported and certified by EBRC, the specialist in the management of sensitive information, operating from its Luxembourg-based IT Service Centre located at the heart of the Digital Europe. “Syngrafii Signature Solutions” utilizing advanced technological capabilities provided by the cloud, enables users to sign physical and digital documents remotely while guaranteeing optimal authenticity and security.
From Art to Business Transactions
The Canadian company and its original solution was created in 2004 for an entirely different purpose than the range of critical business applications it is used for today. The “LongPen” is the fruit of the imagination of Margaret Atwood, internationally recognized best-selling author including the “The Handmaid’s Tale” – recently adapted for the small screen. Over 14 years ago, Ms. Atwood wanted a technology that would allow her to sign books with personalised handwritten messages… from the comfort of her home in order to reach her loyal readers around the world. As such a device did not exist, Ms. Atwood founded a company to develop the world’s first “handwriting” printer and the LongPen™ was born.
Over time, the solution moved towards the B2B sphere, from the “LongPen” innovation, it has become a best in class Electronic Signature platform hosted in the cloud that is not only secure but also draws on over 100 years of case law backing original, one time use signatures on paper. The solution’s ingenuity provides the same probative value as a traditional “wet signature”, supported through the extensive metadata gathered and stored during any of the signing sessions where authenticity can be validated, if not guaranteed.
The Syngrafii Signature platform has already attracted many businesses, including financial companies which, despite enabling their customers and partners to subscribe online initially, still require a physical meeting in order to verify their identity and officialise the operation through a wet signature. This is quite paradoxical in an ever more connected and digital society. “The LongPen makes it uniquely possible to place your wet ink signature on a physical document, remotely. The Syngrafii Electronic Signature solution – sPaper™- takes all of the security, intent and tradition of an original signature on paper into the digital channel – meeting and exceeding the regulations of compliance and legal departments – while enjoying the speed and immediacy of the internet”, explained Kevin Carey, Syngrafii Director of Business Development. Today, in an increasingly digital world, an individual’s original signature is the only biometric indicator that cannot be taken from an individual without their consent – it must be given” thus, proving “intent”.
According to the “Digital Signature Market Global Forecast to 2021” study published by Markets and Markets, the eSignature market could reach $2.65 billion dollars by 2021, creating many opportunities for innovative experts and start-ups. Following close behind the benefits offered in security, ease of use and compliance, electronic signatures drastically reduce the carbon footprint – by limiting logistics; paper; storage and retrieval costs – all becoming more and more important to the preservation of our environment.
A presence in Luxembourg to ensure the security and availability of data
Potentially, all industries requiring a signature, from logistics and the movement of goods and individuals to the banking sector, regardless of their business model, can benefit from these innovations, thanks to the possibility of integrating them directly into onboarding processes and CRM software. Security and trust are indeed crucial within the sectors in which Syngrafii works. It is with the aim of meeting these prerequisites, as well as for the purpose of storing its data – and guaranteeing its availability – that Toronto-based Syngrafii called on the expertise of EBRC in the Grand Duchy of Luxembourg.
As Eric Strong, VP Sales, puts it: “In order to meet all the rules of compliance and governance, Syngrafii captures and must manage a large amount of data. In addition, it is possible to record video exchanges and integrate them directly into contractual documents.” Before that step, e-mails are exchanged and supported via notifications sent to mobile phones, thus ensuring two-step verification, to which is added the step of the signatories providing copies of their identity documents. Each action and change to the document, as well as all correspondence between the various stakeholders, is recorded and stored. A guarantee of security and authenticity, meeting the standards now required by customers and public institutions. “Information relating to the time spent on each page, the fact of initialling the document, adding text or a footnote, as well as geolocation data, everything is recorded in the Syngrafii MasterFile”, added the two electronic and digital signature experts.
The critical data collected by Syngrafii’s service, which is operated and secured in EBRC’s Tier IV Data Centres, benefit from EBRC’s experience in the field of . “Protecting sensitive data is our core business and Syngrafii is a particularly innovative international partner requiring a high level of security” said Yves Reding, CEO of EBRC. “Luxembourg, and more specifically EBRC, seemed like a natural choice to us, said Eric Strong and Kevin Carey, thanks to their experience in managing and protecting sensitive data using state-of-the-art infrastructures.”
According to the two representatives, the alliance greatly accelerates the development of their business in the EU through the guidance and support provided by EBRC. They also describe Luxembourg as being hungry for innovation, dynamic and responsive, in particular thanks to the proximity and flexibility of its government and regulators. In addition to working hand in hand with the Luxembourg-based specialist in the management of sensitive information, Syngrafii also collaborates with LuxInnovation, the agency contributing to Luxembourg’s economic development by fuelling international growth and attracting foreign businesses and investors to the Grand Duchy.
Finally, Syngrafii carefully monitors developments in blockchain technology which makes it possible to guarantee the authenticity of documents, while adding an extra level of security. “For now, our mission is to make the innovative, secure and unique solutions provided by Syngrafii available to all, and in particular to enable customers and partners to reach a higher level of compliance and governance. These solutions include physical and electronic one time use signatures on documents remotely serving all industries in an increasingly digital context in which regulations continuously promote and require the protection of data”, concludes Eric Strong and Kevin Carey, who are now more than ever betting on the combination of physical and digital, defining new standards in the current environment.