As businesses transition to paperless workflows, electronic signatures (e-signatures) have become essential for speeding up processes, reducing costs, and improving efficiency. Foxit's whitepaper on Electronic Signatures explores the different types of e-signatures, their legal standing, and the benefits of adopting them in modern business environments.
- 1. Types of E-Signatures:
- Basic Electronic Signatures: Simple digital symbols, such as clicking 'Agree' or typing your name, commonly used for online transactions.
- Enhanced Electronic Signatures: These signatures add a layer of identity verification, such as PINs or SMS codes, providing additional security.
- Digital Signatures: The most secure form of digital signatures, using encrypted digital certificates that follow Public Key Infrastructure (PKI) standards to verify both the identity of the signer and the integrity of the signed document.
- 2. Legality and Enforceability: The whitepaper discusses global regulatory frameworks that govern e-signatures. In the U.S., the ESIGN Act and UETA laws establish e-signatures as legally valid, provided four criteria are met: intent to sign, consent to do business electronically, association of signature with the record, and record retention. Similarly, in the European Union, eIDAS sets regulations for electronic identification, with three types of signatures recognized: electronic, advanced electronic, and qualified electronic signatures.
- 3. Benefits of E-Signatures:
- Time Savings: Eliminating the need for physical signatures reduces signing times from days to minutes.
- Cost Efficiency: Going paperless cuts printing, postage, and storage costs.
- Improved Workflow: Digital signatures streamline collaboration, allowing faster approval processes and real-time document tracking.
- Security: E-signatures provide audit trails, timestamping, and secure encryption, ensuring compliance with data protection regulations like GDPR and HIPAA.
Download the full whitepaper to understand how Foxit eSign can help businesses accelerate document workflows while maintaining compliance with global e-signature regulations.