New signature verification enables businesses to stop fraud at the point of action, speed up processes and save money.
Norkopping, Sweden (PRWEB UK) 23 April 2015
XMS Penvision a leading global provider of mobile data capture software based on smartpen and tablet technology today announced the addition of Sign@ and Sign@Work Signature Verification to its award winning forms creation and capture platform, Formidable.
Signatures are still widely used in many business processes as a form of identification or to approve and accept legally binding documents. Conversely, due to the increase in identify theft, signature fraud is a growing issue that needs addressing. Spotting fraudulent signatures with the naked eye is difficult, time consuming and prone to error at the expense of the organisation.
With Sign@ and Sign@Work customers and/or employees signatures are registered and any further signatures are automatically analysed in different dimensions biometrically on any hand written paper form or document. If a signature is flagged as possibly fraudulent immediate action can be taken to further assess the risk. This reduces the reliance on human intervention, speeds up the process and significantly reduces the risk of fraud.
As Daniel Segui, Director of Product Development at XMS Penvision explains “Many existing signature verification solutions depend on a dedicated signature pad placed strategically for users to sign upon. The Formidable solution simplifies the complexity and cost of this approach dramatically. We offer organisations the ability to let customers and staff write as they do now with a ball point smartpen that records securely and transmits the signature for immediate verification. All this is driven by our award winning Formidable digital writing platform that is globally deployed.”
Formidable is the most used digital writing platform deployed globally across 40 countries. Formidable provides a simple web-based platform that enables the set up, completion and output in digital format of business forms and documents. Leveraging industry-leading My- Script handwriting recognition technology, handwritten input is captured and converted to digital text at the point of entry on either tablet/smartphone screens or normal paper via a digital/smart pen.
As VP of Global Sales at XMS Penvision, Tarek Ghouri explains “Applications where Sign@ and Sign@work can prevent fraud and speed up processing are typically centered around processes where paper needs to be left or completed such as financial agreements, credit agreements, social benefit payments, insurance documents, contracts and legal documentation. Most of these can be found in banking, finance, compliance, telco, insurance and Government sectors. We believe we have brought those critical processes a viable and exciting alternative to traditional signature verification methods and technologies.”
About XMS Penvision
Established in 1996, XMS Penvision is an innovative Swedish software company specialising in data capture through digital writing. Its award winning Formidable platform allows users to set up forms and complete them with a smartpen or tablet. Due to its mass business appeal Formidable is widely used across 40 countries in most verticals. Sign@ and Sign@Work were developed around technology from xyzmo which was tightly integrated in to the Formidable platform.
Tarek Ghouri, VP Global Sales.
Tel: +44 7769 743866
xyzmo is a private company based in Ansfelden, Austria with a subsidiary in the United States. xyzmo have a combined history of more than 10 years of digital signature expertise. Their solutions have processed millions of electronic signatures around the globe to date.
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