LAW Compliance, part of the LAW Holdings Group, is currently in pilot with the first ever electronic signature solution in the home loans market, with the ProSign solution for Absa and their attorney panel. The solution’s first signing session took place recently, achieving a remarkable milestone in completing the end-to-end home loans process.
On 19 February 2014, Johannes and Stella Coetzee signed their home loan documents at Blakes Maphanga Attorneys with conveyancer Feyoena Hammann using the ProSign solution, making them the first people to utilise the technology and form part of South Africa’s first secure electronic signing.
ProSign enables customers and attorneys on the Absa Bank home loans panel to electronically sign various required documents. Authentication of the signatories is performed by means of the customer’s FICA documents and the attorney using a unique digital certificate.
An independent date & time stamp is added to each electronic signature to provide evidence that the signature took place at that specific date & time, in sync with a world clock. Various security and technology features are used in the process.
The first ProSign electronic signing in South Africa is a milestone for Absa Bank and the industry says Simon Slater, Managing Director, LAW Compliance.
“For the very first time in the industry, both a conveyancer and customer can electronically sign documents using either a Signing Pad or Tablet. This will save time and make life a lot easier for consumers and conveyancing teams. We congratulate Mr and Mrs Coetzee on being the first users of the system,” he said.
LAW Compliance is a technology company that develops and operates smart compliance solutions for its clients, which include the major financial institutions, various corporates and law firms countrywide.