Why is Banking Identity a great opportunity to increase the competitiveness of Czech companies?

Modified on Mon, 17 Jun at 5:06 PM

We look to Estonia for its digitised public administration. We look up to Israel for its progressiveness. We look to the US for the innovation of its Silicon Valley. Banking identity coupled with e-signatures is one of the strategic opportunities to make the Czech Republic more competitive. We can take advantage of it, or not. It is up to us.

What is a banking identity?
What are e-signature services?
Why is e-signing a "strategic" opportunity?
What is the opportunity for you in the combination of Bank Identity and Signi?
3 reasons to use Banking Identity via Signi
What is the relationship between signing in BankID SIGN and in Signi?
Specific examples
What about you?
What next? Let's do it!

What is a banking identity?

It is a project of Czech banks under the umbrella of the Czech Banking Association and inspired by similar projects in other countries, such as Scandinavian ones. The aim is to make the most of what the banks have. Trust in general and also the verification of people's identity that took place when you arranged anything at the branch. Banks are now also providing this identification to third parties - public authorities and commercial entities.

The rollout of services has been divided into 3 steps: authentication for access to public administration services was launched in the first months of 2021, authentication for commercial purposes in the second quarter and electronic signing through Bank Identity in the last quarter of the year.

What are e-signature services?

These are services that allow people to verify their identity in the online world, let them act legally and, consequently, deal with the long-term safekeeping of electronic documents. The EU eIDAS Directive in particular provides the legal framework for this. Authentication and signature via Bank Identity is one of the options they can offer their users.

Why is e-signing a "strategic" opportunity?

Electronic signing brings significant speed and efficiency to processes requiring the consent of the environment - customers, suppliers or employees. What used to take days can now take mere minutes. This is taking into account the huge volumes of documents that are signed every day, from contracts worth millions to confirmation of anything - a purchase order, delivery note, timesheet, payroll, etc. Everything is done online, all steps before and after signing can be automated. It also opens up space for new business models that were simply not possible before.

The effects of e-signing: a faster and more efficient process means faster cash flow to the company, better preparedness for changes in the future and ultimately more value for the company.

What is the opportunity for you in the combination of Bank Identity and Signi?

One of the e-signature services is www.signi.com, a Czech startup operating in the Czech Republic and preparing to expand to other regions of Europe. Unlike global players, it adapts to local conditions, i.e. it uses Bank Identity. It also helps customers and its partners to overcome barriers related to electronic signing - both legal and technological.

What do we see as the main charm? Certainly in the integration of Signi with various systems and in the close cooperation with companies that deploy them with customers in the Czech Republic. Together we look for ways to bring the best to our customers. An example is the Microsoft platform, but also others.

The key point is that Signi customers will not have to do anything extra to use Banking Identity. They will send documents for signature from Signi in the same way they have been used to. Signatories will then have a new option to authenticate themselves and sign biometrically via Bank Identity, in addition to being able to verify their identity via 2-factor email. This will give people a choice, similar to the way they can choose from multiple payment methods offered on e-shops.

Combining Bank Identity with Signi brings maximum ease of deployment and therefore fast ROI

3 reasons to use Banking Identity via Signi

Banking Identity services can be called directly. What are the benefits of using Signi to use Banking Identity?

1. Not everyone in the country has or will have Banking Identity

Signi offers other means of identification and signature other than Bank Identity. Therefore, it can be used by people who do not have a Bank Identity.
And that there are and will be no shortage of them in the Czech Republic, see the chart below, which talks about households with smartphones by income group. What's more, it doesn't say anything about whether the mobile banking key is deployed on the smartphone, nor does it say anything about other household members who also sign. Or foreign workers without an account in the Czech Republic.

Smartphone coverage of households in the Czech Republic

2. Not all documents are suitable for bank identity signatures

Signing over a bank identity is not exactly a cheap affair. Is it suitable for signing a delivery note on a supermarket ramp somewhere? That business case is probably going to be difficult to make.
A bank identity signature is guaranteed on a level. But what about cases where the law or internal rules require a qualified signature? From Signi's perspective, it's just a matter of setting up a qualified signature in a signature scenario.

3. Signi integration is very efficient

Integrating a corporate system to a Banking Identity is quite a challenging integration project. When using Bank Identity services through Signi, this work has already been done once when connecting Signi to BankID. There is no need to repeat it over and over again.
To use Bank Identity via Signi as a standalone cloud service from a technical (not legal) point of view, there is nothing to be done at all. You just toss the PDF and tell it who to send it to for signature. You are completely removed from the fact that any of the signatories used Bank Identity.
Similarly for Signi integrated with another system. In the system, you just select "Send to Signi for signature" and that's it. Your work is done on connecting to the Signi API or using some ready-made connectors for e.g. Microsoft 365.

What is the relationship between signing in BankID SIGN and in Signi?

Very simple. BankID SIGN is the foundation on which Signi builds. And it delivers a wide range of features that are needed to enter into legally binding agreements in an online environment. And also to achieve the promised effect of digitalisation i.e. to speed up and streamline business processes that involve the consent of third parties - customers, suppliers, employees, etc.

Inserting a bank identity signature into a PDF document secured by BankID SIGN. The signer expresses his/her will by agreeing to sign the document, confirmed by the bank's mobile key.

A complete Signi document signing environment including all communication with signing or integrated corporate systems. Signing via BankID SIGNI is one method to sign.

The user of BankID services called SEP must incorporate the BankID API call into their IT environment so that the signatory

Enter the necessary data to create a document or create a custom document,
Signatories are prompted or given a link to log into their BankID application.

BankID then ensures that the

logs into their bank's service, confirms consent to the document in their bank's environment
The SEP receives back the document signed by the Bank Identity.

Note : An analogy is to insert one qualified signature into a PDF document in Adobe Reader. The result is very similar. There is one signature in your PDF, but instead of "Signed with qualified signature DD.MM.YYYY" it says "Signed with bank identity signature DD.MM.YYYY".

The proposer prepares a document or set of documents and sends them directly from the Signi user interface or in an integrated application to all stakeholders for signature or approval.
They all receive an email or SMS notification, open the document or sign directly on the proposer's device, e.g. a salesperson sitting at the same table in the showroom. At the "Sign" moment, the signer is prompted to sign via Bank Identity, selects their bank, logs into their services, confirms their acceptance of the documents in the banking app environment and returns to the Signi environment.
After signing or approval by all parties, Signi will arrange for the distribution of the e-signature. original documents to all parties involved either by email or by forwarding them to the company information system e.g. in the customer or employee's folder.

Specific examples

What about you?

Do you also see the combination of Bank Identity and Signi as an opportunity to increase your company's competitiveness?
VDo you see that digitalization also has an ecological impact? That those tons of utility paper really don't need to be produced, transported, printed and sooner or later thrown away?
Or are you from an ICT, accounting, consulting, legal or marketing firm and sense an opportunity to deliver a new service to your clients?
There's nothing easier...

What next? Let's do it!

Get started now - Create an account in Signi and start sending your first documents for signature. For detailed instructions on how to get started, see Getting Started with Signi. The first three signatures are free, so you can try the app without obligation.    
Contact us now at [email protected].
Let's schedule a video call together - We'd be happy to demonstrate Signi and how to manage and sign business documents. Choose the date that works best for you.