Fintech pioneers video ID verification

by Miklos Bolza27 Feb 2017

Global software provider SuiteBox has upgraded its tech platform to allow multiple parties to witness the signing of documents such as loan contracts in real time.

“This new functionality allows for a meeting host and up to three participants to meet together to virtually witness, sign and collaborate on documents in real time, in a safe and secure cyber environment. No other video conferencing software option offers this capability,” said CEO Ian Dunbar.

While SuiteBox was not reinventing the concept of digital signatures, the firm had taken the concept to an extended level, he told Australian Broker.

By combining the signing process within the digital portal, the platform allows brokers to meet clients through a digital work environment, upload different documents and bring digital signing into the process.

“With the digital signing itself, there are two areas that we do that other digital signing providers don’t,” he said. “We capture a video of the meeting, including when the document is being signed, and then soon after release a screen snapshot as well.”

This enables the SuiteBox to bind a copy of the client’s identity into the digital signature, Dunbar said, effectively producing a record of the faces of those participating in the document signing.

“We’ve done a lot of work around the importance of capturing the ability to evidence identity, ie being able to demonstrate who was actually in the meeting as well as all the credentials of the digital signing.”

This video-based channel will allow brokers to engage with potential clients from the beginning of the loan process instead of communicating in person or over the phone, he said.

“A good example might be where a mortgage broker is dealing with a client from far away geographically or who is travelling. It gives the broker the ability to converse with the client or clients through that video channel.”

SuiteBox is currently working to bring lenders on board and accept this new digital signing technology, Dunbar said.

“What we’re dependent on is the mortgage originators being prepared to accept a digital signature as part of the transaction. That’s evolving but it’s certainly not the case that all of them accept digital signatures today.”

The firm had made the most progress in this area with non-majors and the non-banks in terms of engagement levels, he added.

“Generally we find in that space that there are a number of providers that are quite actively looking at how they embrace digital technologies to ensure that they’re attractive as a lender but also to speed up the process to expand their reach.”

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COMMENTS

  • by OzBoy 27/02/2017 10:40:45 AM

    Ok so what's the difference with this. Currently I use Skype and a skype recording software that records video and audio. Been doing this now for 8 years.