GMO GlobalSign, a global Certificate Authority and leading provider of identity and security solutions for the Internet of Things (IoT), today announced that banking software provider, Excubia, is now a Digital Signing Service (DSS) customer. Originally a user of GlobalSign’s hosted Hardware Security Module (HSM) solution, Excubia transitioned to the DSS offering earlier this year. With the cloud-based service, Excubia is seeing a decrease in signing times, a substantial reduction in latency and decreased reliance on relay servers – all while realizing cost savings and without having to make significant code changes.
Excubia is an ESIGN-compliant document exchange, signing and chat platform tailored to the specific needs of financial institutions. The platform facilitates digital interaction between banks and consumers from loan application through origination and beyond. Excubia is taking advantage of DSS’ high throughput, enabling signatures to be applied instantly and at multiple times throughout a document.
“HSM solutions certainly have their benefits, however the costs to continue on that path were adding up, so a switch to GlobalSign’s digital signing service made a lot of sense for us,” said Excubia’s Chief Technology Officer Bryan Reaves. “With DSS, latency has been reduced by 40 percent and I’m no longer worried about our relay server and the hosted HSM being single points of failure. Overall I am extremely pleased with this solution.”
DSS is a highly scalable, cloud-based offering that enables users to deploy digital signatures into any application with one simple REST API integration. This means all supporting cryptographic components, including signing certificates, key management, timestamping server, and OCSP or CRL service, are provided in one API call with minimal development or overhead needed and no on-premises hardware to manage.
Fintech’s growing interest in digital signing solutions
From simple banking transactions to loans, mortgages, insurance policies and more, the laws for electronic signatures such as the Fair Lending Act in the U.S. and eIDAS in Europe, GlobalSign’s DSS is becoming extremely attractive to financial technology companies as the days of the ‘wet signature’ continue to wane. Some of the world’s largest banks are now implementing digital signatures to reduce friction around document management and contract signing between them and corporate customers. In addition, by not complying with these new laws, businesses could be at risk for tremendous fines – making solutions like DSS even more necessary.
“We’re extremely pleased with how well DSS has been working for Excubia. A feature-rich and collaborative digital signature service, it is an ideal solution that removes serious concerns such as single points of failure all while providing cost savings,” said Lila Kee, General Manager, Americas, GlobalSign.
She added, “Excubia is just one of a growing number of customers in the Fintech space, and other markets, that have either deployed DSS or are currently testing it. The interest and growth are real, especially in the last several quarters worldwide, and in fact, our DSS sales and inquiries in 2018 increased more than 400 percent across the globe. As a result, we are very bullish about the future of this offering.”