Sparebanken Vest introduces electronic signing from EDB

Sparebanken Vest introduces electronic signing from EDB

Norway's Sparebanken Vest has partnered EDB Business Services to introduce electronic signatures for customers buying financial products online.

The technology enables the bank's online customers to sign documents digitally through their BankID electronic identity, rather than relying on the postal system or having to visit branches.

EDB says the system means a process that previously took days can now be completed online in minutes, saving the bank and its customers time and money.

Initially the technology will be used for customers buying insurance products from Frende, the company established by Sparebanken Vest and 14 other savings banks.

Jan Erik Kjerpeseth, deputy MD, Sparebanken Vest, says: "At the moment many people only use their BankID electronic identity to log in to Internet banking, but BankID offers much greater potential than this. This is why we have now made it possible for Internet banking customers to use BankID to sign documents electronically."

Sparebanken Vest contracted EDB to jointly develop its Internet banking system and corporate lending system back in 2003.

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