Cybits Logo

Cybits AG paves the way for a paradigm shift in Europe

Two certified identification methods allow online signed contracts with full legal force by using [verify-U]eSign

Mainz-Kastel, 05/07/2016. With the new EU regulation eIDAS online signatures from the cloud are now with full legal force across Europe. The Cybits AG proves once again that the company is an innovative leader in the field of know-your-customer solutions and the digitization of on-boarding processes ahead of the market. Already presented in October 2014 and in daily usage since April 2015, thousands of contracts have been successfully signed online with this solution.

[verify-U]eSign has now been updated for cloud-based online signatures by adding another method of identification. With [verify-U]eSign no paper is shipped to customers anymore, the complete on-boarding process is digitized without any media disruption, including online signature of contracts.

Since [verify-U]face2face has recent been certified by TÜV-IT, according to the German Signature Act, consumers can now choose between two identification procedures if they need to fulfill a written form requirement online. TÜV-IT is a conformity body accredited by the Federal Network Agency. [verify-U]face2face is already widely used as a video identification solution in the financial sector.

The combination of the two online identification methods offered by Cybits delivers a huge advantage to its business customers because it delivers the best customer acceptance rate in the market. This is an experience that some financial institutions have already made by combining the now certified video identification solution with the already certified online identification method of [verify-U]Ident. This advantage is now open to all service providers that want to complete their online business processes with an online signed contract with full legal force. Each consumer can now choose for the identification solution that is his favorite and corresponds to its current technical possibilities.

As a pioneer of online verification of individuals, Cybits is active in the market since 2006 and has gained ten years of experience in what consumers and business customers expect to enter successfully into an online transaction “at any time, from anywhere and instantly”.

“Since we have received the first confirmation that our products meet the German Signature Act in 2014, we have worked hard to digitize not only the identification of an owner of a qualified electronic signature, but in addition to make the usage as simple as possible in a way that the important aspects of safety, reliability and customer friendliness are not suffering. With the new certification for our video identification method [verify-U]f2f in combination with our previously been certified identification method we achieve conversion rates of more than 90%. This is a benchmark which makes the complete digitization of customer on-boarding for our business customers really attractive. There are no comparable results in the market. We can identify customers and can sign contracts online around the clock on 365 days a year and that across all member states of the EU with full legal force, “states the CTO of the company, Volker Neiss.

The legally binding online signature is based on a qualified certificate, which is issued after a successful online identification. This certificate is being used to apply qualified electronic signature to the digital contracts. “Those technical hurdles that previously prevented the use of digital signatures in Germany, have been eliminated with [verify-U]eSign and that creates a new paradigm for digital signatures. Our new cloud services are not only safe and reliable; above all they are customer friendly. “, says Hansjürgen Keiling, sales director of Cybits AG. “The consumer does not need a smart card and a reader anymore, items that previously had to be purchased at own cost. There is no need to install special software in order to sign online a contract with full legal force. Just a web-enabled device and a mobile phone are sufficient to sign a contract with full legal force online in only 5 clicks. “, Keiling continues.

With the extended [verify-U] eSign Cybits offers its business partners the opportunity to identify their customers at anytime, from anywhere and to get full legally binding contracts signed online. Business customers from other European countries are already using [verify-U] eSign to offer a fully digitized on-boarding process to their customers from credit application to pay out the money within a single day based on a legally binding contract. “The enormous reduction in time compared to the old processes is of high value for both the business partners as well as for their consumers. In case that those consumers want to purchase other products or services from other business partners being connected to [verify-U]eSign later on, this can always be completed online in less than 2 minutes. The opportunities that this solution offers to us and our business partners that combines the benefits of the new digital world with the same level of legal certainty known from the ancient world, makes us enthusiastic about this revolutionary approach.”, points Keiling out.