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New VOI and signing tech launches

A new e-signing and identity verification solution has been launched that aims to improve security while reducing the VOI and signing process to minutes.

The “first of its kind” solution, Livesign, has been created by online legal solutions provider thelawstore.com.au to combine digital signing and digital verification of identity (VOI) on legal documents, including mortgages.

The tech works by binding digital signatures with government-issued photo identification at the precise point of signing (for example, by digitally extracting the government ID photo of a customer from the chip within their passport, along with biometric and document authentication checks).

This is said to result in a non-repudiable signing process as the digital signature can’t be completed by anyone else.

By digitising the signing process and verifying the signee’s identity at the point of signing, the tech aims to provide greater security by reducing the risk of fraud, while accelerating the administrative process by removing the need for physical witnesses/in-person verification.

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Speaking after the launch of Livesign, Ian Hendey, chief executive of thelawstore.com.au, commented: “Digital signing and digital VOI are no longer just conveniences, they’re an expectation, especially in industries such as conveyancing and mortgage lending.

“With the explosion of digital processes and automation over the past few years, we saw a real gap in security, and a gap in the market. Digital VOI only does half the job. 

“We identified the need for a technology solution to allow you to sign a document and prove your identity at the same time. This is why we call it witnessing re-imagined – not witnessing removed.

“We’re increasing the security of the witnessing process to provide the safety of in-person witnessing with the convenience of digital. Effectively, a mobile phone has become the secure witness in a digital world.”

The solution is available as a stand-alone VOI platform, however mortgage brokers using lenders that have already approved Livesign (which so far include BNK, Better Choice and Gateway Bank) will be able to take advantage of the new technology automatically as part of the mortgage signing process.

The broker will receive the VOI certificate automatically once the borrower has completed it. 

Zeb Drummond, head of customer operations at Gateway Bank, revealed that the solution was helping the lender streamline its customer service, while reducing the digital VOI process and document signing from 12 days to five minutes.

He added that the tool also mitigated fraud, operational and security risks and “removed barriers for customers in rural and regional areas Australia-wide, as they don’t need to rely on the postal service or face-to-face verifications when signing mortgage documents”.

He noted that the digital solution also supports Gateway Bank’s purpose to “support Australian’s pockets and planet, taking paperwork out of the verification process.”

Conveyancers have also welcomed the new solution, with Victorian Statewide Conveyancing and Keylaw Conveyancing Solicitors both outlining the convenience to home buyers who can “securely complete a Client Authorisation Form and verify their identity at home, at their own convenience, saves us time and hassle”.

[Related: Self-service VOI tool launches for brokers]

New VOI and signing tech launches
mortgagebusiness

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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