Overview
The Digital Contract Management product suite of Signzy offers comprehensive tools for streamlining your contract processes in a digital environment. Within this suite, you gain the ability to perform a variety of tasks, such as:
- Generating contracts for digital signatures using customizable templates and tailored customer information.
- Simplifying the digital signing process through efficient and secure esignature workflows. These workflows are fully compliant with regulations such as Aadhaar eSign (India), eSign (USA), eIDAS (Europe), eSign (UAE), and ECA (UK).
- Carrying out digital stamping across major states in India, supporting eStamps via SHCIL and aligning with Indian states that utilize e-GRAS systems.
- Integration of NESL DDE for the effective management of digital loan contracts in India for REs (Regulated Entities)
- Enabling organization-based digital signing, allowing authorized signatories of Indian organizations to digitally sign documents programmatically.
A digital contract, also known as an electronic contract, is a legally binding agreement between parties that is created, signed, and stored in digital format. Unlike traditional paper contracts, digital contracts are formed and executed electronically, often using digital signatures or other forms of secure authentication. Digital contracts hold the same legal validity as their paper counterparts, as long as they fulfill the legal requirements for contract formation and are stored in a manner that ensures their integrity and authenticity over time.
Digital signing, also referred to as electronic signing, is a method of adding a secure and verifiable electronic signature to a digital document or contract. Digital signing enhances security and authenticity in the digital realm, serving as a virtual equivalent of a handwritten signature on paper documents. It ensures that the signed document has not been altered since the signature was applied and helps establish a legally binding agreement between parties.
Digital stamping, also known as electronic stamping or e-stamping, is a method used to electronically validate and authenticate documents, often for legal or financial purposes. Similar to traditional paper stamps that provide evidence of payment or approval, digital stamping involves imprinting a unique digital mark or code onto a document to indicate that a specified fee or duty has been paid. This process helps verify the document's legality, origin, and compliance with relevant regulations. Digital stamping is commonly used for various transactions, such as property agreements, contracts, and financial instruments, ensuring transparency and reducing the risk of fraudulent or unauthorized activities.
Loan Contracts? Digital Lending? Merchant Onboarding? Savings Account Opening Form? Demat Account Opening Form? Whatever your needs, we have you covered. We will help you reduce your GTM (Go-To-Market) and improve efficiency. And what’s even better? It offers complete customization and caters to various products, each designed to meet specific use case scenarios.
- Personal Loans: Financial institutions can use digital contracts to offer personal loans to individuals. Borrowers can complete the application process online, provide necessary documentation electronically, and sign the loan agreement digitally, expediting the approval and disbursal process.
- Business Loans: For businesses seeking financing, digital contracts enable streamlined loan application and approval processes. Borrowers can submit financial documents and business plans electronically, allowing lenders to assess the application efficiently and execute the loan agreement digitally.
- Home Loans: Homebuyers can benefit from digital contracts by submitting mortgage applications and required documentation online. Lenders can review the application, execute the mortgage agreement digitally, and provide a seamless experience for borrowers.
Brokerage firms and financial institutions can use digital contracting to facilitate the opening of demat accounts for investors. Investors can complete the necessary forms online, provide identification documents electronically, and sign the account opening agreement digitally, making the process more efficient.
Digital contracting simplifies the onboarding of merchants onto payment processing platforms. Merchants can submit business details, financial information, and compliance documents online, expediting the approval process and allowing for quicker integration with payment gateways.
Banks can offer customers the convenience of opening savings accounts through digital channels. Customers can fill out application forms online, submit identification documents electronically, and digitally sign the account opening agreement, reducing the need for in-person visits.
Digital contracting benefits businesses by allowing them to open current accounts online. Companies can provide business documents, identification details, and sign the account opening agreement digitally, streamlining the process. In the case of corporate accounts, digital contracting enables multiple authorized signatories to sign the account opening agreement electronically, even if they are located in different places.
Digital contracting offers significant advantages across these use cases, including faster processing, reduced administrative burdens, improved accuracy, and enhanced customer experiences.
Signzy's suite of Digital Contract Management products provides digital signing features for both individuals and organizations. Here's a concise overview of the three primary product options within Signzy's Digital Contract Management lineup, tailored to cater to the needs of both individuals and organizations based digital signing and stamping.
If you're seeking digital signing and digital stamping solutions tailored for individual needs, such as demat account opening forms and loan agreements, you have the option to select between Contracting SDK or One Touch Sign from our range of products.
Introducing the Contracting SDK – your all-in-one solution for effortlessly handling contracts from start to finish. With support for various signing methods in multiple countries, and a special focus on the Indian market's estamping needs, our SDK takes the hassle out of contract workflow management. Say hello to a smoother way of working with contracts, no matter where you are.
This system is centered around the comprehensive management of the contract lifecycle, allowing for versatile configurations tailored to the requirements of both technical and business teams. Should you seek to establish a workflow enabling digital document signing by your business users, along with complete contract lifecycle management from a user-friendly dashboard, this solution proves to be highly appropriate.
Its primary focus lies in empowering you to build and integrate a workflow into your mobile/web application, providing your end customers with a seamless document signing experience comparable to the ease of making a one-click payment using payment gateways.
The key value proposition and differences between both the product offerings can be found in the below table and can help you choose the one out of two as per your requirements.
Areas | One Touch Sign | Contracting SDK |
Types Of Signatures |
|
|
eStamping (Only applicable to India) | Yes (25+ States) | Yes (25+ States) |
Number Of Steps | 4 | 6 |
UI (User Interface) Components | No UI | High UI Components & End-To-End Workflow Management |
Time To Integrate | 1-2 Weeks | 3-4 Weeks |
Code Complexity | Lightweight | Heavy |
Brand Customizations | Highest | Medium |
Targeted Client Base | Well suited for fintech, insurancetech, wealthtech, lendingtech companies, etc | Well suited for banks, NBFCs, financial services companies, etc |
Signer's Experience | Equivalent to one-click payment using payment gateways | End customers go through a series of steps and then does the eSigning, a switch happens between the parent aggregator and Signzy’s Workflow |
The "Document Signer Certificate," also known as Doc Signer, is an authorized digital signature according to the IT Act. It lets organizations safely electronically sign documents using their own brand name.
Unlike personal DSC tokens for individuals, Document Signer Certificates are just for organizations. Instead of a USB device like DSC tokens, Doc Signers are stored on the organization's servers. The certificate has settings set up on the server to use it for signing.
Doc Signers are mostly used to automatically sign digital documents the organization needs to sign. For example, banks and financial companies, following RBI's Digital Lending Guidelines, have to sign many loan documents daily. Regular electronic signatures don't work well for this, but with Doc Signer, they can do it very easily without any manual intevention of any authorised person.
It is applicable only for India market.