Schwab opens accounts with biometric signatures

Schwab opens accounts with biometric signatures

Charles Schwab is introducing biometric electronic signature software for new brokerage account openings at its US national branch network.

Schwab is replacing pen and ink signatures with CIC's Sign-it electronic biometric software for over-the-counter applications for general brokerage, IRA, and Schwab One accounts in its branch network. After completing a new account application on a computer, the client creates a legally binding contract by signing his or her name using an electronic pad and pen. The brokerage reckons the new technology will speed up in-branch enrollments and reduce red-tape costs.

Guido DiGregorio, CIC's president and CEO says: "Almost a decade ago, we delivered the first electronic signature solutions to NCR Corporation, then in 1996 to Chase Manhattan Bank for an application to process billions of dollars in Ginnie Mae mortgage loan pool applications and now in 2000, for Schwab clients and prospects to open new accounts quickly and efficiently."

He estimates that 80% of all financial transactions will be completed electronically within 5 years.

The Sign-it family of products is designed to provide secure electronic document approval and on-line transactions within Adobe Acrobat 4.0 for applications such as document workflow, contract execution and e-commerce. The applications enables real time signature capture, verification, and binding of a signature to a document as well as encryption says CIC.

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