As part of of their recently officialized strategic alliance, Sysmosoft SA and Signatys have teamed up to deploy of an electronic signature solution within the Millennium Private Bank in Geneva. Other similar projects are in the pipeline for the two startups.
Sysmosoft and Signatys offer an electronic signature solution to digitize processes related to banking transactions. The solution – SignMit – aims to increase the efficiency, compliance and security of current processes requiring advanced or qualified signatures. The qualified electronic signature being equivalent to the handwritten signature.
It is in this context that Signatys’ expertise in electronic signatures in banking and notary environments has allowed Sysmosoft to optimize its product to meet the high requirements of the financial sector.
Millennium Banque Privée has implemented this solution and started the deployment to their customers since December 2018. It allows the bank to be able to send documents on the smartphone of their customers and receive reliable decisions, as well as legally binding signatures. The first use case implemented by the bank is the digitalization of the transaction authorization agreement (more known as the callback procedure).
The goal of the bank is to be able to digitize customers decisions processes in order to gain in efficiency and security. The bank plans to deploy new use cases quickly, especially those related to the new regulations in force (MiFID II, LSFin) and clients onboarding. Security is often synonymous with complexity, with SignMit customers use a simple product, while integrating advanced technologies such as cryptography, biometry and digital signature concepts.
Contacted by Startupticker.ch, Olivier Adler, Signatys CEO explains that the collaboration started with Sysmosoft in 2017 is showing promising potential as both companies are currently working on similar deployments in other Swiss banks.