Verid, a leading provider of identity verification and Knowledge Based Authentication (KBA) services, today announced that DocuSign has chosen Verid's authentication service to provide third-party identity verification for DocuSign's electronic signature service.
DocuSign, the leading on-demand, electronic signature service, utilizes Verid's interactive KBA service for its e-signature transactions to verify a consumer's identity based on knowledge of personal information substantiated by a real-time, interactive question and answer process. The combined offering enables businesses to complete transactions requiring verified signatures quickly.
"As the threat of identity fraud continues to increase, our business clients and the consumers they serve require a safe environment to complete transactions," said Court Lorenzini, CEO of DocuSign. "Verid's service compliments DocuSign's current risk management strategy by providing external identity verification for our electronic signature service."
DocuSign is fast, easy to use and quickly integrates into corporate applications and workflow processes. DocuSign's advanced on-demand signature solution ensures a legally-binding, reputable signing process regardless of industry, application or transaction volume. Verid's technology is designed for continuous availability, consistent with DocuSign's real-time transaction processing model. Verid's accurate, intelligent process for confirming identities enhances DocuSign's ability to optimize transaction volume for its clients by minimizing abandoned transactions and fraudulent activity.
In addition to providing an innovative technology platform, Verid emphasizes the consumer experience as one of the key elements of its KBA system. "One of the most critical factors in deploying any authentication technology is consumer acceptance," said Kevin Watson, CEO of Verid. "We help DocuSign achieve the balance required to provide a higher level of identity fraud protection with a solution that is consumer friendly and easy to use."
The synergy between the two companies is underscored by a mutual focus on the banking and financial industries. Verid is the market leader in designing and delivering KBA solutions to 10 of America's top 20 financial services companies while DocuSign's client base includes credit card issuers, mortgage originators and real estate companies.
The integration of Verid's KBA technology with DocuSign's electronic signature service has been highly effective for Great Lakes Educational Loan Services, Inc. "Given that a large number of our customers are young adults with limited background information for verification purposes, I've been extremely impressed with DocuSign's ability to authenticate the identities of the vast majority of our borrowers using Verid's system," said Mike Walker, Chief Infrastructure Officer for Great Lakes Educational Loan Services, Inc. "The service helps us mitigate fraud and protect consumer identities while providing the privacy protection and convenience our customers expect."