Banking group Capitec says it has taken the final step in its paperless journey with the introduction of an e-signature capability, by means of a biometric fingerprint.
Capitec claims to be the first South African bank to introduce a legally compliant e-signature, which means it 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; and
- The method of capturing the signature is appropriately reliable under the circumstances under which the document is signed.
Wim de Bruyn, executive: business development and technology at Capitec, said: “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.”
Clients will be enrolled for the new e-signature solution as they make use of a Capitec branch.
The benefits of an e-signature capability include client security: A robust electronic identity is established by linking the client’s ID, photo and fingerprints, backed up by a secure, tamper-proof audit trail and the enabling of a multifactor client authentication each time the client interacts with Capitec.