A subsidiary company of Alankit Limited, a leading private player in the e-governance space, Verasys Technologies has announced its entry into the electronic signature space to provide secure e-Sign service under the brand name Vsign.
Armed with a Digital Signature Certificate (DSC) as a Certified Authority (CA) issued by the CCA (Control of Certifying Authority), Alankit via Verasys Technologies offers secure e-signatures with diverse, inbuilt functionalities including user consent, Digital Signature Certificate issuance request, Digital Signature creation and affixation and an established audit trail to confirm the authenticity of transactions and data integrity, all in conformity with the regulatory framework and relevant provisions of the Information Technology Act.
Revealing the rationale behind the venture, Ankit Agarwal, Managing Director, Alankit Limited said, “For any change to reap optimal results, it is necessary for all players to contribute and Verasys Technologies, a subsidiary of Alankit is doing just that. With proven technology expertise, Alankit is committed to Digital transformation in India. With this license, we aim to utilize and further optimize and increase the viability of our franchise network to benefit the end consumer.”
Not to mention, e-Sign is a convenient digital tool that facilitates the digital signing of documents along with seamless integration capabilities with service delivery applications via an API-based model. It’s worth noting that company’s e-Sign service estimated to be 25-30% more economical compared to its peers in the market. Additionally, the security concerns surrounding digital signatures have been adequately addressed. The private keys of the e-sign users are developed on a Hardware Security Module (HSM) that is damaged immediately upon one-time use. Further, the short validity period of the certificate mitigates concerns on the key storage and key protection front.
How e-Signatures work
A key feature of the e-Sign solution is its simple process and flexibility in configuration structure, which is aligned to the e-KYC services, with the facility to record e-KYC IDs and enable instant verification of the identity of the signatory. The authentication options for e-KYC comprise both biometric features as well as OTP function.
The online signature is validated by an OTP based authentication process which is enabled through e-KYC verification of the e-Sign user, with simultaneous encrypted signature on the document being accomplished with the help of a secure backend server of a service provider. The e-Sign services can be provided, in the first place, only by legally authorized third-party service providers with a valid licence as Certifying Authorities (CA). Verasys Technologies is one amongst such legally recognized organizations.
To further enhance the security and ensure user privacy, the e-Sign requires submission of only the thumbprint (hash) for completion of the signature formalities, rather than the entire document. E-Sign services allow easy access to online signature function, irrespective of time and place, without the need for physical presence. In case of processes with mandatory signature requirements, Alankit, through Verasys Technologies, has drastically speeded up the process to a day or two, as against the traditional, prolonged tenure of 2-3 weeks.
The Government’s Digital India program is fast gaining traction and is witnessing increased adoption of paperless, eco-friendly technologies. Use of digital signature is a step in this direction. Given that the signature function operates as a widely accepted authorization tool with application across industry segments, Alankit expects to realise higher volume of user subscriptions mainly from banks, NBFCs, insurance companies, Government department and other sectors, where secure authentication of online transactions and implementation of best practices in governance, risk management, and compliance (GRC) remains a core priority and where the physical signature can be successfully substituted with an e-signature.