Like its paper equivalent, an e-signature or electronic signature is a legal concept and the United States Federal ESign Act defines it as ”an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record".
What is an electronic signature used for?
Electronic signatures are used to capture the intent of the signing person, to be bound by the terms and conditions mentioned in the document he signs, using an electronic signature software. Like a paper document, an e-signature is about having a lasting record of the signatory’s intent.
Electronic signatures make it easy for businesses to capture legally binding electronic documents in countries that have enacted electronic signature laws.
What are e-signature applications?
Everyday processes like sales contracts, HR, invoicing, etc are common uses and gaining wide acceptance of electronic signatures due to efficiency and huge reduction in costs.
Some other top use cases for electronic signature are as follows:
1. On-boarding and Account Openings
2. Consumer and Commercial Lending
3. Wealth Management 4. Residential Mortgage
5. Commercial Banking and Treasury Management
6. General E-Contracting and Other Ad-Hoc Processes
7. Contract modifications
8. Service agreements
9. Claims and appraisals
Want to learn more about digital signatures? Talk to a specialist at Resolution IT today.
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