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What is an Advanced Electronic Signature?

An advanced electronic signature, also known as an AES, is a more secure and reliable way to sign documents electronically. It requires signer authentication and ID verification. An AES can be used for signing a contract, making it a valuable tool for banks and other financial institutions.

Banks have used electronic signatures for many years. However, until recently, many were scanned images of handwritten signatures. While this method was better than nothing, it left the door open for fraud since there was no guarantee that the person who signed the document did so willingly or under their authority.

Authenticated e-signatures solve this problem by verifying the signer's identity and authorization to sign on behalf of the company or institution in question. This added layer of security makes them ideal for use in banking, where security and trust are essential factors.

What are the benefits of using an AES?

If you were wondering what an advanced electronic signature is, it is a more secure and reliable way of signing documents than traditional handwritten signatures. It works by verifying the signer's identity and authorization to sign on behalf of the company or institution in question, making it ideal where security and trust are essential.

Some of the benefits of using an AES are:

  • Increased security: An AES provides a higher level of security than traditional written signatures, which makes them less vulnerable to fraud.
  • Reduced processing time: Documents that have been signed with an AES can be processed much faster than those that have been signed manually. This is because there is no need for manual entry or verification once the document has been electronically signed.
  • Improved compliance: AES processes help organizations comply with regulations.

Overall, using an AES offers many advantages over other methods of signing documents, particularly when it comes to speed and security.

Different types of e-signatures

  • SES: Simple Electronic Signature. This is the simplest version of digital signatures. There is no signer authentication or ID verification.
  • AES: Advanced Electronic Signature. This involves signer authentication and ID verification.
  • QES: Qualified Electronic Signature. This is the most reliable type of digital signature.
    There is direct signer authentication and ID verification provided by a Qualified Trust Service Provider. Compared to the AES procedure, there is a stronger identification process and the certificate applied to the document is associated with the person

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