IDnow introduces two new e-signature solutions

IDnow InstantSign and eID eSign reduce the cost and complexity of contract signing

Munich, July 9, 2024 – IDnow, a leading identity verification platform provider in Europe, has launched two new e-signature solutions to the market. InstantSign empowers financial businesses to innovate friction-heavy and lengthy signing processes, such as loan contracts, by way of a reusable identity, while eID eSign enables users to verify their identity and digitally sign contracts with the help of Near Field Communication (NFC) technology.

AML compliance redefined: QES without reverification

Existing solutions traditionally either require a new identity verification before a Qualified Electronic Signature (QES) can be issued or the identification needs to be handled by the financial institution. IDnow’s latest signing solution InstantSign removes these obligations, allowing users who have already performed Anti-Money-Laundering (AML)-compliant identity verification at onboarding to digitally sign contracts at a qualified level, with no additional integrations required and in accordance with European eIDAS regulations.

“Eliminating the requirement for reverification by reusing an existing identification significantly streamlines the process of issuing a QES in an AML-compliant e-signing journey. InstantSign has been proven to reduce drop-offs and accelerate contract completion. With physical signing processes sometimes taking days, our customers can now cut this to mere seconds with InstantSign, by foregoing the printing, signing and return process of a hard copy contract”, explains Vikas Seth, Chief Product Officer at IDnow.  

“Additionally, if reverification is needed due to an expired identity document, InstantSign works seamlessly with IDnow’s entire range of identity verification solutions from automated and hybrid, to video, thus keeping identity data up-to-date, and providing a compliant solution for financial services organizations.”

eID eSign – Fast verification and secure signing thanks to NFC technology  

eID eSign allows end customers to quickly verify their identity and digitally sign contracts remotely. In less than a minute, users can verify themselves by utilizing compliant and secure NFC technology, for a QES that is the legal equivalent to a wet-ink signature on the Level of Assurance (LoA) High. IDnow’s eID eSign solution currently works with the German ID card, residence permit or EU citizen card, using a secure, compliant NFC chip readout of these documents. It expands IDnow’s existing signing solution portfolio and complements the available identity verification methods for various types of signatures with solutions like VideoIdent, AutoIdent and

“With eID eSign, our customers can future-proof their offering according to the German AML laws (GwG) and the European eIDAS regulations. The use of the NFC chip reduces the risk of identity theft and unauthorized access while cutting costs associated with printing, storage and manual handling of documents. Both solutions propel us and our customers into the next stage of compliance digitalization,” concludes Seth.  

Virginia Lawmaker Introduces Bill To Legalize College Sports Betting

Virginia legislators have introduced a bill to legalize betting on Virginia college sports.

The bill, VA SB124 submitted by Sen. Schuyler VanValkenburg, would allow gambling on Virginia college teams except for prop bets.

How would Virginia’s laws change because of the new bill?

VanValkenburg’s bill would simply eliminate language in the current sports betting laws that prohibit betting on college teams based in Virginia. Seven sections in Virginia’s sports betting law mention college sports.

The key section that the bill would change lists three betting prohibitions:

  • Youth sports bets
  • College sports prop bets
  • Bets on Virginia college sports teams

The submitted bill would essentially delete the third bullet, retaining the first two prohibitions.

If the bill succeeds, it would likely be a big boost to the state’s tax revenue, as betting would increase, thereby generating more revenue.

Virginia is home to several major colleges with considerable followings in basketball and football. The big names are the University of Virginia and Virginia Tech, but other colleges with notable sports programs include:

  • George Mason University: Made a magical run to the Final Four in 2006
  • Virginia Commonwealth University: A regular in the NCAA men’s basketball tournament, making the Final Four in 2011
  • Old Dominion University: Made it to the men’s baseball  NCAA in 2021
  • James Madison University: Women’s softball made a run to the Women’s College World Series in 2021, upsetting Oklahoma in the first round before falling to the Sooners in the semifinals.

What Virginia sports betting would look like with in-state teams?

It’s hard to say how much of a boost betting on in-state college teams would provide Virginia’s sports betting revenue numbers.

Because bettors in the state can already place bets on college contests, we’re not likely to see a big bump in revenue. That being said, legalizing betting on Virginia teams gives fans of schools big and small a chance to do what they’ve probably wanted to do for a long time.

Should the bill pass, it’s possible we’ll see sportsbooks such as DraftKings and FanDuel capitalize on that loyalty by offering promos focused on Virginia college programs like Virginia and Virginia Tech.

That being said, VA law prohibits sportsbooks from marketing to minors and those under 21 years of age. So don’t expect to see on-campus advertising and promos.

What’s next for Virginia’s college sports betting bill?

Right now, VA SB124 is sitting with a Senate gaming committee. If the committee approves the bill, it may go to another committee or might head to the Senate for a vote.

If the Senate approves the bill, it will go to the House for a vote. And, if it passes, it will go to Gov. Glenn Youngkin‘s desk for a signature.

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