Debt Relief Bill: 13 Fast Facts

Bonnie van der MerweUncategorised

debt-1157824_960_720We explore details around Government’s recently signed National Credit Act amendment, which aims to free low-income earners of crippling debt.

Just over two months ago, the National Credit Amendment Bill – broadly dubbed the “Debt Relief Bill” – was signed into law and, although it has been almost two years since Parliament’s portfolio committee on trade and industry initiated the amendment bill, there are still uncertainties around its implications.

Also known as the Debt Intervention Bill, the bill basically aims to protect low-income earners from what government considers reckless credit lending, allowing consumers who are burdened by debt to have it written off.

While the bill has been welcomed by consumers, around 9.4 million*[7] of whom may qualify for debt relief thanks to it now having been signed into law, it has been met with “extreme concern” by others, including the Banking Association of South Africa (BASA), which said in a statement on 16 August, “The Act, in its current form, will restrict ability of banks to lend to this vulnerable market and increase the cost of credit.”

Treasury estimated government’s debt-relief proposals could result in the write-off of R13.2bn to R20bn of debt.

In response to concerns raised, President Cyril Ramaphosa said the bill and its proposals were within the country’s constitution. Business Day cites Ramaphosa as saying that, regulations and certain provisions notwithstanding, the law is constitutional.

Here are some fast facts relating to the debt relief bill and debt in South Africa to help demystify the controversial piece of legislation:

  1. The National Credit Amendment Bill was signed into law on 15 August 2019.
  2. The Debt Intervention Bill is an amendment to the National Credit Act.
  3. The bill’s primary aim is to provide relief for South Africa’s vulnerable and most financially distressed consumers.
  4. There is no date set yet for the bill to come into operation.
  5. According to the bill, indebted consumers must meet the following criteria in order to have debt extinguished:
    1. They must earn a gross monthly income of R7 500 or less.
    2. They must have unsecured debt amounting to R50 000.
    3. The National Credit Regulator (NCR) must have found them to be critically indebted.
  6. The bill also makes it an offence for a person to intentionally submit false information related to debt relief.
  7. The bill will inevitably result in losses for banks, retailers and other credit providers.
  8. TransUnion’s Q2 quarterly Industry Insights Report shows a significant increase in the amount of credit being taken out by consumers (Unsecured lending was recorded to be up by 12% in the second quarter).
  9. BASA petitioned Ramaphosa in August not to sign the Act in its current form.
  10. According to BASA, existing debt relief measures have proven to educate and rehabilitate debtors and return them to the credit market. “In 2017, banks expunged R30 billion in prescribed debt in line with existing legislation and their own policies.”
  11. Following a government-commissioned study by consulting firm Genesis Analytics, it was suggested that Parliament reconsider the passage of the bill in its current form, and rather introduce the debt-intervention system within the bounds of the current debt-review system, with subsidy mechanisms for low-income consumers.
  12. According to the Genesis Analytics study, it is unlikely that the introduction of law will have a significant economic impact at a macro-economy level.
  13. The study suggests that the law will mostly benefit the informal credit market. On the other hand, the formal sector credit providers could lose about R3.9bn of existing credit book.

pbVerify Business customers who extend credit to consumers are urged to strengthen their KYC procedures to not only ensure legislative compliance, but also to protect them against potential financial losses.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

Phone: +27 (0)10 300 4898

E-mail: support@pbverify.co.za

 

[REFERENCES]
  1. gov.za – National Credit Amendment Act 7 of 2019
  2. Government Gazette – National Credit Amendment Act 7 of 2019 PDF
  3. Fin24 – 5 questions on the ‘debt relief bill’ unpacked
  4. TransUnion – Q2 2019 Industry Insights Report
  5. Moneyweb – Unsecured lending up 12% – report
  6. The Banking Association of South Africa – NCA Amendment Act
  7. *Moneyweb – Close to 9.4m consumers may qualify for debt relief under new bill
  8. Business Day – Cyril Ramaphosa defends controversial debt-relief law
  9. Business Tech – Ramaphosa signs controversial new debt relief bill into law – Here’what it means for you

Source: pbVerify News

Customer satisfaction in the 21st Century: Is your business digitally equipped?

Bonnie van der MerweUncategorised

24-7-2019 customer satisfaction SOCIAL MEDIAA happy customer equals a happy bottom line – but without digital transformation, neither of these are attainable.

The advent of digital has not only changed the way business is done, it has also significantly changed what is undeniably the most important factor responsible for the running of a successful business – customer satisfaction.

In today’s fast paced, digitally charged world, customers want – and indeed, expect – an extremely high quality, and personalised experience from the companies they choose to spend their money with.

As well as dictating the modern-day customer’s escalated expectations, the pervasiveness of digital has prompted companies to be far more accountable, with consumers no longer hesitant to voice their dissatisfaction publicly, thanks to the plethora of social media platforms they have at their fingertips.

It really is a dog-eat-dog digital world out there and, for businesses to thrive – and even survive – they need to offer their customers convenience, speed and seamless service – not to mention assurance that their personal data is 100% secure.

This is where digital transformation comes in. Digital transformation is essentially the implementation of new technology and software tools, primarily reliant on cloud computing, to the end of solving problems and delivering solutions faster, with less operating inefficiencies and costs.

For many businesses, especially those with high levels of bureaucracy, digital transformation may appear to be a long road, but partnering with the right solution provider will facilitate a swift and smooth ride – with the guarantee that your business will come out on the other end more empowered, and able to deliver a far richer customer experience.

As a leading provider of digital solutions that are enabling businesses across the globe to successfully transform their operations, SigniFlow has seen first-hand how the advantages of digital transformation outweigh any change management issues that go with effecting the change.

The benefits, to mention only a few of the most prevalent, include increased profitability, improved customer satisfaction, reduced risk, heightened levels of compliance and more streamlined processes.

The bottom line: Digital is the new oxygen. In order for companies today to firstly survive, and to keep up with their competitors and their customers’ evolving expectations, digital transformation is an absolute must.

SigniFlow is a core workflow and cryptographic digital signature engine that works either on its own, or fully integrated with existing core business systems.

Using only the most advanced & trusted digital signature technologies known to man, SigniFlow offers powerful workflow functionality and ease of document distribution to automate any business process.

To find out how SigniFlow can help your business achieve digital transformation, visit www.signiflow.com or contact us on the relevant number below:

International Contact Centre: 002710 300 4899

South Africa: +27(0)11-516-9403

Americas: +1-603-717-4248

United Kingdom: +44(0)208-611-2681

Source: pbVerify News

They’re here: pbVerify’s all-new website and enhanced system have landed

Bonnie van der MerweUncategorised

Marketing concept with person using a laptopOur central data-hub of powerful and intelligent credit and identity information has received its long-awaited face-lift – with a faster system and exciting new products to boot.

As a leading data bureau with innovation at its core, pbVerify has been hard at work face-lifting our website and enhancing our service, so that we can bring you the most cutting-edge products, complete with the latest user interface.

Today, we are both delighted and proud to announce that, after months of blood, sweat, tears, late nights and too much coffee, our all-new website and supplemented online service is ready to go live.

On Monday 2 September, when you open pbVerify.co.za, and log in to your account, you will be greeted with a vibrant new interface, and a greatly enhanced system, featuring more comprehensive data and faster response times on all our existing reports.

What can you expect from the new interface?

Dashboard:

An eye-pleasing and functional dashboard featuring customisable weather updates and news strings to accompany your first cup of coffee in the morning. For our new customers, the new dashboard also features a site explaining the system’s main features and how to navigate through them.

We’ve added your Pending baskets to the dashboard, providing a clear view of outstanding bank reports, which are updated in real-time.

The new menu system makes it easier than ever to navigate our extensive range of products, either by product, or by bureaux. We’ve also enhanced the transaction history section, making it easy to search and find past transactions, and to download files.

Enhanced Reports:

Not only are our new reports beautifully formatted for you, they also contain enhanced quality data, which is now fully interactive. When opening a report, you can find the sections that are hyperlinked, and simply click on the relevant one/s. The links provide click-through functionality presenting more in-depth searches and reports on the data-subject.

New Products:

You can now remove customers you previously listed under the TransUnion Default Listing product. You no longer need to send letters for delisting or updating TransUnion, simply use the TransUnion Default Listing Manager on your Dashboard to manage, update or remove any listing.

But that’s not all

Our platform is gearing up to bring all our customers electronic FICA functionality, previously only available to large organisations and banks. These products, already available via API, will be launched within the next two months, so watch your emails for announcements..

KYCFactory

First up on the list, is our new digital KYC (Know Your Customer) tool, KYCFactory. Developed by our SigniFlow software team, KYCFactory offers businesses a compliant, automated and fully digitised FICA system that caters for both juristic and natural persons, as per policy defined by the Risk Management and Compliance Programme (RMCP).

KYCFactory is the first fully digital end-to-end electronic FICA/AML (Anti-Money Laundering) solution on the market that requires no supporting documents, irrespective of whether your company is on-boarding a consumer or a business. You will be able to read all about this groundbreaker under its dropdown menu on the new pbVerify website.

KYCFactory’s consumer verification comprises configurable, automated processes, including a slick new online 3D liveness test that biometrically matches the person to their national identity document photo, identity data, and alive-deceased data while retrieving their address from over 100 trustworthy SACRRA sources. Juristic entities are equally provided for with a brand-new approach to FICA verification, through an electronic declaration that caters for Directors, Signatories and UBOs (Ultimate Beneficiary Owners) compliant with the new FIC Amendment Act.

KYCFactory incorporates our new Sanctions, PEP and PIP (Politically Exposed and Influential Persons) reporting tool, which enables you to manually screen prospective clients and perform enhanced due diligence on anyone, from any country. This service instantly reports on over 2.5 million detailed PEP profiles and detects individuals, organisations and vessels linked to more than 50 risk categories, including Sanctions, Foreign Officials, and State-Owned Enterprises.

The second part of our Sanctions screening service relates specifically to sanctions and embargoes – i.e. political trade restrictions put in place against target countries to maintain or restore international peace and security. KYCFactory automates reporting on business with individuals who pose a threat and are listed on OFAC (The Office of Foreign Assets Control) Mission. Read more here.

RapidLEI

The next new entry, RapidLEI, is just as innovative and powerful. PBSA has teamed up with UK-based Legal Entity Identifier (LEI) innovator, RapidLEI, to build instant LEI registration into the pbVerify system.

Launched last year by our partner Ubisecure, RapidLEI’s pioneering automatic LEI issuance process takes the process of registering Legal Entity Identifiers, and reduces it from days to mere minutes. With regulation mandating the use of LEIs and new use cases now benefitting from the identity assurance LEIs can offer, this G20-endorsed organisation identifier is already achieving mass adoption.

To find out more about the history behind RapidLEI, and how the service automates the LEI issuance processes to deliver LEIs much faster and easier than ever before, click here. You can also watch Ubisecure’s video on this fully automated LEI process here.

 We look forward to hearing from you on our new website, system and products. If you have any queries or comments, please don’t hesitate to give us a ring on +27 (0)10 300 4898 or email support@pbverify.co.za.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

[REFERENCES]

  1. SigniFlow – Digital KYC
  2. Ubisecure – RapidLEI From Ubisecure
  3. Ubisecure YouTube channel – RapidLEI fully automated Legal Entity Identifiers (LEI)

Source: pbVerify News

I need credit – what now?

NicoleUncategorized

Money is the root of all stress – find out how to successfully apply for credit without compounding your anxiety levels.

Financial matters play a pivotal role in the health and happiness of consumers today. In fact, leading market and consumer research firm, GfK, found late last year that money was the biggest source of stress in the world.

When it comes to getting credit – something most modern-day consumers are bound to need at some stage in their lives – the processes involved can feel daunting, especially if one is already financially pressed. One of the best means of making the process as pain-free as possible, is to educate yourself from the get-go.

Borrowing and lending of money involves a number of aspects being in place, for the consumer and the credit provider, respectively. The consumer wants assurance of a successful loan or financing application, while the lending institution requires surety that the consumer that is applying for credit will be able to meet their financial obligations and deadlines.

So how do you, as a consumer, ensure the institution you are seeking a financial advance from views you as a valid candidate?

According to the largest wholly South African owned and registered credit bureau, XDS, the weight of the decision on credit eligibility for a loan, finance or credit ultimately depends on the consumer’s own attitude and behaviour toward their credit.

A good starting point for you as the consumer, when applying for credit, would be to fully acquaint yourself with credit scores. It is imperative that you know the fundamentals of your credit report and credit score before you even think of applying for credit.

Your credit score is calculated using the information contained on your credit report. According to South African credit bureau Compuscan, this includes account information, your payment history, adverse information, public records and enquiries (requests by credit providers to view your credit report).

Your credit score basically outlines all the factors, both negative and positive, that indicate how likely you are to honour your credit repayment obligations.

Some of the information on your credit report may include your payment history, how much debt you owe, the length of your credit history and new credit applications you have underway.

MYpbVerify

pvVerify’s consumer service, MYpbVerify, gives you instant online access to your personal (customisable) credit report. The service allows you to choose which personal credit information you want to view, and offers different pricing options.

Depending on your status and credit history, you have the option to choose from a Basic credit report to more advanced options in the Standard and Premium reports that will include Directorship information, Deeds (properties owned) data, your personal Compuscan credit rating score and more.

Our Basic report, priced at just R29, includes essential information for you to assess your personal details, employment details and adverse information.   R 29.00

The Standard credit report (R39) includes the basic report, plus an in-depth look at your credit accounts, payment history and CompuScore rating.

The most in-depth report, the Premium report, costs R49 and combines the Basic and Standard reports, plus an in-depth look at property you own and company Directorships.

With all of these affordable options and access to all the major credit bureaux, MYpvVerify is truly the most versatile online personal credit check available.

Money matters

Once the crucial first step of getting to know your personal credit score is under your belt, you’re well on the way to finalising your credit application or applications and gaining access to the money you need, short- and long-term.

Good practices to bear in mind, too, would be to limit the number of credit applications you launch at one time; be ready with historical information on hand that will prove you are able to make good on debt repayments and make sure you fully understand credit terms and conditions (as these can be tricky). Remember, when you sign on the dotted line, you are saying “I agree to all the terms and conditions contained in this contract” – and you will be held liable should anything go awry.

Money matters matter. To almost every aspect of your life – health, happiness, relationships and business. Make sure that, when it comes to the inevitable task of applying for credit, you are well equipped and educated on your personal credit score. You will be doing yourself – and your stress levels – a huge favour.

References: 
GfK: http://www.gfk.com/
pbVerify: https://www.pbverify.co.za/  
Compuscan: https://www.compuscan.co.za/

Credit vetting – an essential key to SME success

NicoleUncategorized

For SMEs, sound risk management via credit vetting is not only advisable, it is absolutely essential.

Wasting precious time and resources chasing down debtors for money is not only undesirable for any business, it can be downright destructive. The good news is, there is a way to avoid this – and it is inexpensive and painless. Two words: credit check.

If you are in business, you will know that cash flow is king. This is especially true in the in the small to medium enterprise (SME) environment, where finances are particularly tight. Clients that default on payments can – and inevitably do – seriously jeapordise the success of your company.

A foolproof way to protect your business – and ultimately boost its financial fitness – is through consistent credit vetting.

Credit vetting is simply the process of affirming the credit worthiness of customers in terms of financials. Checking the credit status of your clients greatly minimises uncertainty around whether your invoices will be paid, as it provides an overview of their credit rating and reveals whether there are any judgements against them, or whether they have defaulted on payments in the past.

Simple step towards success

According to Leon van der Merwe, senior business development manager at customer communications firm PBSA, the percentage of small simply overlooking this critical process is staggering.

“Simply taking the steps to check the credit status of companies and directors before doing business with them is straightforward, very affordable and it could make all the difference.”

A detailed credit application document with the correct capture information, credit vetting consent and related terms of agreement will protect the financial wellbeing of your organisation, he adds.

All of this can be easily accessed via pbVerify, a PBSA product that offers a user-friendly online credit vetting service. Specifically for small to medium sized businesses, pbVerify is connected to all major credit bureaux and credit data providers and is credible and accurate.

“Neglecting this crucial step towards managing a successful business can cost you profoundly. Having an overview of the credit worthiness of potential customers, on the other hand, will help you make better decisions, in turn saving you time, trouble and money,” concludes Van der Merwe.

For a comprehensive view of all pbVerify’s vetting solutions, please visit www.pbverify.co.za

pbVerify relaunches Deeds Search tool

NicoleUncategorized

PbVerify’s popular Deeds Search tool has been relaunched and is now more accurate and immediate than ever before.

The relaunch comes after the service had to be put on hold about two months ago, following modifications to the Deeds Office systems that required pbVerify to update certain regions and add new ones.

The Deeds Search tool has been greatly improved, now allowing for live lookups at the Deeds Office – something that was previously not possible. In the past, searches were not live and they were not updated monthly.

The new and improved version ensures absolutely no discrepancies come into play when clients perform the relevant searches. Because pbVerify’s Deed Searches now have direct links to the Deeds Office’s live database, clients are guaranteed the most up-to-date information available.

The pbVerify Deeds Search tool allows you to do the following searches:

  1. Deeds Person Search
  2. Deeds Company Search
  3. Deeds ERF Search
  4. Deeds Farm Search
  5. Deeds Sectional Title
  6. Deeds Document

1. Deeds Person Search

The Deeds Office Person Search provides online information from the Department of Rural Development and Land Reform on property ownership on a natural or juristic person at any of the 10 Deeds Offices in South Africa.

Searches are performed by providing a name or identity (ID)/registration number. Searches are available for one or multiple Deeds Offices (with a search charge applicable for each selected Deeds Office). A batch search facility is also available and can be accessed from the Deeds Office Person Search input page.

A Deeds Person search will yield the following information:

  1. Person information, which includes the natural or juristic registered name and ID or registration number (when available). It also includes the marital status of a natural person at the time of the property transaction.
  2. Property information. All properties owned by the search subject will be displayed, including Deeds Office property description, LPI code (the unique Surveyor General code for the property, used mainly for mapping purposes), title deed number, microfilm reference, purchase price, sale date and registration date.
  3. Contracts. Contracts registered at the Deeds Office are detailed and include antenuptial contracts, interdicts, and notarial bonds.

2. Deeds Company search

A Deeds Company search will return the following information:

  1. Property information. The property information returned includes the complete Deeds Office description, LPI code, extent, diagram deed number and local authority.
  2. Ownership details (individual and juristic with ID or registration number). These include the percentage of ownership for multiple owners. Also included are the title deed document number, purchase price, purchase date and registration date.
  3. Endorsements. Deeds Office endorsements include interdicts, subdivisions, consolidations and bond details.
  4. Historical ownership of the property is noted, including the owner name, purchase price (when available) and title deed document details.

3. Deeds Erf search

pbVerify can convert any erf number into a street address for you – all you need to do is enter the official property description from the Deeds Office (erf or sectional scheme).

How to perform a Street to Erf Conversion:

  1. Select ‘Erf to Street Conversion’ from the ‘Property’ offering on the search Menu.
  2. Supply required search criteria and select ‘Proceed’. WinDeed will return a list of results that matched the criteria provided.
  3. Locate the property in the list and select ‘Search’ to perform a search.

4. Deeds Farm search

pbVerify is able to search for any farm in in South Africa by using the following search criteria:

• Farm name
• Farm number
• Portion
• Registration division

The results you will get from a Deeds Farm search include:

1. Property information.
2. Ownership information.
3. Bond information.
4. Historic document.

5. Deeds Sectional Title

pbVerify can search for any Sectional Title in South Africa by using the following search criteria:

• Scheme prefix
• Sectional title name
• Sectional scheme number
• Unit number

Search results return the following information:

1. Ownership information.
2. Sectional information.
3. Scheme details.
4. Purchase date.
5. Title deed number.

6. Deeds Document

Several kinds of documents are registered at the Deeds Office, including title deeds, bond documents, antenuptial agreements and interdicts. Searching by document number at the appropriate Deeds Office will give you the details of that document and the option to request a document copy.

pbVerify’s new revamped Deeds Search tool is easy to use, accurate, fast and free to register for. You only pay per search and there are no monthly subscription fees or registration costs whatsoever.

As soon as you’ve signed up, you will be able to instantly search for any deeds information you may require through our user-friendly web interface.

pbVerify introduces Deeds Multi-search

NicoleUncategorized

The new feature saves users a considerable amount of time and money.

South Africa’s number one data bureau, pbVerify, has updated its Deeds Search tool with a new multi-search feature that will save users time and money, as well as eliminate oversights.

Deeds Multi-search allows users to conduct a Deeds Person Search or a Deeds Property Search across all ten of South Africa’s Deeds Office regions*, in one go, using either an ID number or company registration number. The result is a report showing nationwide deeds data of a person or company, including the subject’s relevant information and historic property information.

Not only does Deeds Multi-search reduce the cost of garnering comprehensive deeds data (R165, as opposed to R250 for a one-by-one search), it also considerably speeds up the process and removes the possibility of oversights due to incorrectly entered data.

The latest addition comes after a refurbishment and relaunch of pbVerify’s Deeds Search tool in November last year.

The new, improved version enables live lookups at the Deeds Offices, ensuring fast, accurate and up-to-date data.

South Africa’s Deeds Offices Comprise Pretoria, Bloemfontein, Kimberley, Pietermaritzburg, Vryburg, Johannesburg, Cape Town, King William’s Town, Umtata and Mpumalanga.

Local digital signature company cements global alliance

NicoleUncategorized

South African-born digital signature and workflow solution, SigniFlow, offering socially responsible product for business process automation, has landed on American shores.

A woman-owned small business based in New Hampshire, SigniFlow Americas is a member of the New Hampshire Tech Alliance, an affiliation committed to nurturing a technology ecosystem by building partnerships, enhancing knowledge, and shaping public policy.

The woman behind the new digital signature solution is Laila Robak, a Brazil-born entrepreneur with a passion for information technology and the power it has to transform and improve lives.

“We are very excited about the launch of SigniFlow Americas, and with Laila at the helm, this business is destined for greatness. We are proud to welcome all our Americas customers and partners to the global SigniFlow family,” says Leon van der Merwe, director of digital technologies at SigniFlow.

SigniFlow delivers enterprise-grade on-premise, private cloud and cloud solutions with a high level of integration, allowing companies to customise the solution to suit both their specific needs and their budgets. The solution provides legally valid digital signatures (cryptographic e-signing) and accepts digital certificates from almost any e-identity provider, publicly trusted certificate authorities (CAs) and privately signed public key infrastructures (PKIs).

Robak comments: “SigniFlow is a solution that can revolutionise business processes. It has various APIs that give us flexibility to create and integrate with existing systems and platforms, allowing organisations to choose from a range of options, from cloud to local deployments and hosted environments, and to use a mix of digital and electronic signatures – all while guaranteeing the legal validity of documents.”

Credit bureaus rebut e-toll blacklisting threats

NicoleUncategorized

SA’s credit bureaus contradict threats by collection company ETC that non-payment of e-tolls could get road users blacklisted.

Road users need not panic – non-payment of e-toll bills will not get you blacklisted.

This is the firm word from SA’s credit bureaus, in reaction to recent news around e-tolls and default judgments that has sparked a new wave of panic around the government’s embattled highway tolling project.

In a statement last week, the Credit Bureau Association (CBA) stated categorically that road users could not – and would not – be blacklisted for not paying their e-toll bills. “Information relating to e-tolls/SANRAL [SA National Roads Agency Limited] will not be held on the credit bureaus.

“The Transport Laws and Related Matters Amendment Act, 2013, which amended the South African National Roads Agency Limited and National Roads Act, 1998, specifically excludes the levying and collecting of e-tolls from the provisions of the National Credit Act, 2005 and the Regulations thereto, as amended from time to time (“the NCA”).

“Credit bureaus receive, hold, display and remove consumer information in accordance with the provisions of the NCA and accordingly are not able to hold information which is specifically excluded from the provisions of the NCA.”

The CBA, an industry body representing 9 of the 14 registered credit bureaus within South Africa, further stated that any information relating to e-tolls or SANRAL, which had been “inadvertently” loaded onto a consumer profile, would be removed.

“If any consumer is aware that information relating to e-tolls/SANRAL has been loaded to his/her consumer profile, please contact one of the [listed] credit bureaus to lodge a dispute and this information will be removed.”

The CBA represents Compuscan, Consumer Profile Bureau, Cred-IT Data Risk Management Solutions, Experian, Inoxico, Lexis Nexis Risk Management Services, Tenant Profile Network, TransUnion and Xpert Decision Systems (XDS).

What sparked the panic?

The CBA’s setting straight of the record comes after reports last weekend that a Gauteng motorist had been denied credit after being blacklisted for owing R60 000 in e-toll fees.

According to IOL, at least 25 other e-toll defaulters had also been given default judgments. Default judgments arise when a debtor does not respond or defend a summons they have received, and a default judgment automatically means blacklisting.

Shortly after reports of the shock discovery by the Gauteng consumer, Electronic Toll Collection (ETC) – the body appointed by Sanral to collect e-toll fees – said it had applied to the courts for about 1 400 default judgments against road users who had neglected to pay their e-toll fees, and had ignored court summonses.

According to Eyewitness News, ETC chief executive Coenie Vermaak said that over 15 000 summonses had been sent to court for e-toll users who had not settled their e-toll accounts.

*To read the law that underpins the CBA’s statement first-hand, click HERE.

[REFERENCES]  

  1. Credit Bureau Association: Consumer information relating to e-tolls
  2. za – Transport Laws and Related Matters Amendment Act 3 of 2013
  3. Eyewitness news – E-tolls collection company applies for 1400 default judgments for blacklisting
  4. Business Tech – ‘Pay your e-tolls or you will be blacklisted’
  5. IOL – E-tolls blacklist shocker for Gauteng resident

Electronic vs Digital Signatures: Defining the Difference

NicoleUncategorized

“Electronic” and “digital” are often used as interchangeable prefixes to the word “signature” – but there are vast differences between the two.

We are all familiar with, and have at some stage in our daily goings-on, dealt with the traditional “wet-ink” signature. In today’s digitally-charged world, however, this is fast becoming obsolete as more secure, efficient means of signing documents are developed.

A signature is essentially a means of binding an individual to the contents of a document, by way of an intentional mark. It typically signifies knowledge, approval, acceptance, or obligation.

That may be common knowledge, however, the advent of the digital signature has turned the humble handwritten signature on its head, introducing a number of new (and entirely exciting) facets, including a whole new set of terminology.

A digital signature, in its base form, is a digital code created and authenticated by public key encryption, which is attached to an electronic document to verify its contents and the sender’s identity.

But, largely dependent on where you are in the world, “digital” and “electronic” are often confused – or wrongly used interchangeably – in both conversation and law. Often described in unison, digital signatures and electronic signatures individually are different technologies, have different meanings, and they carry different legal weight.

So what exactly is the difference then? Let’s demystify this once and for all…

Electronic signatures: The superficial sign

Also referred to as an “ordinary electronic signature”, an electronic signature is generally defined as “Symbols or other data in digital form (whether it be a sound, process or symbol) attached to an electronically transmitted document as verification of the sender’s intent to sign the document”.

There are many different scenarios here. An electronic signature can be as basic as a scanned image of a handwritten (wet-ink) signature that is copied onto a signed document, in Word for example. Another case of an electronic signature would be your name, typed at the end of an email.

An electronic signature can even be verbal, a simple click of a box, or drawn on a hardware device such as a signature pad.

Given the examples above, it is evident that, by the sheer nature of electronic signatures, these types of signatures are difficult to maintain, and proof of identity, security, authentication and integrity is low.

Electronic signatures do not have the ability to lock documents for editing after the signing process, nor do they carry any active verification capability. This leaves documents signed with electronic signatures wide open to fraud and repudiation.

Digital signatures: The cryptographic mark

As alluded to earlier, digital signatures involve cryptography. They are the most advanced and secure type of electronic signature, and they guarantee the contents of a message or document have not been altered in transit.

A digital signature is also referred to as an advanced or secure electronic signature. It is based on Public Key Infrastructure (PKI) technology, using accredited personal X.509 digital certificates to provide the highest levels of security and universal acceptance.

These electronic signatures on steroids are created using a cryptographic operation that creates a hash-code unique to both the signer and the content, so that it cannot be copied, forged or tampered with.

This process provides strong proof of the signer’s identity, protects the data integrity of the document and provides absolute non-repudiation of signed documents.

Digital signatures can be verified without the need for any special proprietary software. Depending on the document format, the latest versions of free Adobe Reader or Microsoft Office application can verify the signature. Simply click directly on the digital signature to view the properties, signer’s identity, time and reason for signing – all of which are embedded in the document.

When a digital signature is applied to a document, a digital certificate is attached to the data being signed into one unique fingerprint, including cryptographic credentials.

That said, it is obvious digital signatures would carry far more legal weight and be preferable should security be even a slight concern.

In a nutshell, you could say electronic signatures verify documents, whereas digital signatures secure documents.

* SigniFlow only utilises Digital signature technology. Every signature on a document signed with SigniFlow is a Digital signature that carries the unique cryptographic credentials of the signer.

[REFERENCES]  

  1. za – Electronic Communications and Transactions Act, 2002
  2. Michalsons – Guide to the ECT Act in South Africa
  3. Difference Between – http://www.differencebetween.net/technology/difference-between-digital-signature-and-electronic-signature/

Paid-up court judgments for bad debt now easier to rescind

NicoleUncategorized

An amendment to the law that governs how courts treat bad-debt judgments against companies and individuals makes it much easier for these to be revoked once paid up.

Finally some good news for South African companies and individuals that have been affected by court judgments for bad debt: Once paid up, bad-debt judgments will now be much easier to remove.

This comes after an amendment (Clause 14 into Section 23A of the Courts of Law Amendment Act No. 7 of 2017) to the law on how courts handle bad-debt judgments.

As of 11 March 2019, a company or consumer that has settled their bad debt no longer needs to prove to the courts that there is a sound reason for their judgments to be removed. Previously, those with bad-debt judgments against them had to follow an arduous process known as rescission of judgment, which basically means having a judgment revoked.

Rescission of judgment historically involved a lot of red tape, including a lengthy application process and solid justification, and often hefty costs – and after all of this, there was still no guarantee that the court would accept the justification provided, and consent to reversal of the judgment.

Now, a company or consumer simply needs to show that their debt – including any interest and/or costs accrued from the judgment – has been paid in full, and the related bad-debt judgment can be reversed by the court. There is also no longer need to obtain permission for reversal from the party that obtained the judgment originally.

What does the amendment mean for pbVerify customers?

As South Africa’s leading data bureau, one of pbVerify’s priorities and chief services to you, as our valued client, is to allow you to grant credit to customers with complete confidence. This is why we welcome the latest amendment to the Courts of Law Amendment Act.

If you are a business that has customers for whom you have requested bad-debt judgments, the amendment means those customers now have far more incentive to pay up their debt, as this will allow them to have the judgment against their name removed. Previously, many individuals may have shirked paying their debts, because the judgment against their name would still stand.

If you are a business that yourself has a bad-debt judgment, you can now rest assured that, after paying the relevant creditor or originator of the judgement, you can wipe your company’s bad-debt slate clean.

While there are still processes and costs involved – and some feel the move may benefit companies more than individual consumers – it has been lauded as largely beneficial for any debtor that wants to clear their credit record.

[REFERENCES]
  1. Business Insider – Bad debt judgments now easier to overturn with new rescission rules
  2. The Department of Justice and Constitutional Development – Self-help guidelines for Consent Rescission of Default Judgment
  3. RNEWS – New provisions for rescissions of Paid-Up Judgements
  4. Fin24 – Rescission of judgment explained
  5. Parliament (PDF) – Portfolio Committee amendments to the Courts of Law Amendment Bill

pbVerify provides an easy to use, web-based system that instantly connects your business to real-time consumer and business information from the four largest credit bureaus in South Africa, the Companies and Intellectual Property Commission, Deeds Office and other business-critical data providers. pbVerify’s business tools enable you to instantly access current and accurate information to assist you in preventing fraud, identifying, tracing and assessing debtors, and effectively managing risk in your business at all times.

New fintech partnership to escalate RapidLEI growth in South Africa

NicoleUncategorized

Innovative new partnership sees LEIs encapsulated in digital signing applications.

South Africa-based customer communications company, PBSA, and UK-based Legal Entity Identifier (LEI) innovator, RapidLEI, today announced a strategic partnership that will see PBSA become a regional Registration Agent (RA) for RapidLEI as well as build LEI support into its signing solutions.

RapidLEI was launched in 2018 by Ubisecure and has been taking the world by storm through a growing network of global partners, with PBSA representing the next stage in this continued expansion. RapidLEI’s pioneering automatic LEI issuance process sees it reduced from a few days to a few minutes. With regulation mandating the use of LEIs and new use cases now benefitting from the identity assurance LEIs can offer, this G20-endorsed organisation identifier is already achieving mass adoption and shows no sign of slowing down.

PBSA, as a RapidLEI Registration Agent, will meet client demand for LEIs in South Africa, as well as offering LEIs in other regions they are expanding to, such as Europe and the USA, via their SigniFlow brand.

The RapidLEI solution makes LEIs available through a SaaS service or API. The API allows third party developers to build same-session LEI issuance into their applications, which will be used to its full extent by PBSA in the first stage of this collaboration. While strong identities like BankID & eID are beginning to be used to digitally sign documents, this new partnership adds organisational identity to the digital seal in the form of an LEI. Encapsulating the LEI in the company seal gives the other party the opportunity to check identities against a live global company database – verifying which company signed this document, and also their parent company/group structure.

After this initial phase of the partnership, PBSA and Ubisecure plan to collaborate further on additional pioneering identity assurance solutions. Ubisecure will be launching new services in the coming weeks, where LEIs are central to new organisation Identity Provider (IdP) solutions for advanced KYC (Know your Customer) and RtX (Right to Represent). These cutting-edge services will help enterprises to reduce fraud, lower compliance costs and create new products using verified organisation identities.

Leon Van Der Merwe, Director at PBSA, says “We’re very excited to bring Ubisecure’s pioneering approach to digital identity to the South African market and beyond, and have our global customers benefit from strong organisation identities offered by our signing solutions. Our long-held ideals of collaboration, integrity and accountability go hand in hand with what the LEI stands for – trust in who you’re doing business with.”

Paul Tourret, Corporate Development Officer at RapidLEI, says “We are incredibly honoured to be collaborating with the largest South African signing/workflow provider to connect the LEI ecosystem to the signing ecosystem, and we see a lot of potential to further enhance online trust with LEIs and the Ubisecure IdP services as we connect the various ecosystems together. We see this collaboration being the start of a dramatic shift in how LEIs are used in modern digital transactions.”

Find out more about LEIs at www.rapidlei.com, or get in touch now.

About PBSA

With a rich history of innovation dating back over 90 years, PBSA (formerly Pitney Bowes SA) is a leading customer communications company, offering software, equipment and services to help companies improve operational efficiencies and connect with their customers in more meaningful ways.

Based in Midrand, Gauteng, PBSA understands both hardware and software solutions and is optimally positioned to provide a secure, committed support infrastructure to its international customer base. The company’s solutions help companies engage customers, gain business insight, manage document workflow and ultimately optimise overall business performance.

Visit www.pbsa.co.za to learn more.

PBSA LEI: 984500S5591EMD8BCB56

About SigniFlow

Created in South Africa by a team of passionate Johannesburg-based IT minds, SigniFlow is a core workflow, digital document management and cryptographic digital signature engine that works, either on its own, or fully integrated with existing core business systems.

SigniFlow uses the most advanced and trusted digital signature technologies known to man, enabling powerful workflow functionality and ease of document distribution to automate any business process.

SigniFlow has a team of cryptographic experts, experienced engineers and business process automation architects to assist businesses in their digitalisation journey.

About Ubisecure & RapidLEI

Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.

For more information please visit www.rapidlei.com or www.ubisecure.com

Ubisecure LEI: 529900T8BM49AURSDO55

Still reliant on paper processes? It’s time to pull the plug

NicoleUncategorized

Stop allowing paper processes to drain your business of money and your employees of productivity, and start reaping the benefits of digital.

Doing business in today’s fast-paced, digitally charged world is nothing short of dog-eat-dog. Companies simply have to be able to operate optimally at all times – or risk being devoured by competitors.

Fortunately, with the Digital Revolution now in full swing, state-of-the-art technology and software make it easier for business owners to keep their eyes on the prize at all times, by ridding operations and employees of distractions and impediments to productivity.

Of course, there are productivity drains that remain – and one of the biggest and perhaps simplest to mitigate these days, is paper.

If your company’s processes are still primarily paper-based, you are putting serious – and unnecessary – strain on your business. It’s a proven fact: Relying on manual methods and paper to complete business processes not only hampers productivity, it is also a huge drain on resources.

Think about this: how much time do your employees spend searching through cabinet upon cabinet of paper records to find the document they are looking for? And how much easier and faster could this process be, if the documents were digitally archived, able to be indexed at the touch of a few buttons or with a few clicks?

Imagine employees no longer had to spend their time printing, filing and sorting paper documents, and could rather use their time constructively, while at the same time cutting out some of the physical costs associated with outdated paper processes.

And how much time, money and physical office space could you save if you were to replace paper with the cloud? Consider costs of not only paper itself, but associated costs like printing and courier expenses.

Going beyond the advantages of digital business processes for your business internally, the ability to offer the very lifeline of your business – your customers – speed, security and innovation, is priceless. It’s a well-known fact that today’s customer wants speed and simplicity – which is exactly what digital offers, from onboarding processes to instant finalisation of agreements and contracts online.

Today, it’s no longer a question of whether to go digital, but of when to go digital. And the answer is now. Stop relying on processes that consume resources and drain productivity – and start enjoying the software at your disposal, the digital resources that enable you to streamline operations and elevate your company’s reputation.

Attention attorneys: Don’t fall prey to bank account scams

NicoleUncategorized

Cyber hackers have made off with hundreds of thousands of rands in their latest sophisticated email interception scam that targets property conveyancers, but this could have been avoided by a simple bank account verification process.

With the recent spate of cyber criminal activity in the real estate industry having left a number of innocent victims in dire straits financially, pbVerify is urging conveyancing attorneys to verify the bank account credentials of home sellers and buyers before transferring funds.

This comes in the wake of last night’s exposé by Carte Blanche, which uncovered the latest email impersonation scam doing the rounds, in which property attorneys are primary targets.

In what is described as a sophisticated email hacking scam, the fraudsters intercept emails between property attorneys and their clients, changing the bank account number of the rightful recipient/s of funds to their own, while leaving the account holder’s name unchanged.

Unknown to the client and without bank account verification, funds are then paid over into the fraudster’s account. Attorneys are shocked to find, upon following up on the funds, that the money was not received by their client.

Unfortunately, because the Law Society indemnifies themselves from cyber fraud, the client has no recourse and the property sale falls through, with an inevitable and devastating impact on all innocent parties involved.

These ruinous incidences could have been avoided through a simple process of bank account verification.

The solution

While industry experts are saying there are issues preventing banks putting a process in place to enable the quick and accurate verification of a bank account holder’s name against the bank account number, for as little as R12, pbVerify offers a solution that does just that.

Launched with the goal of helping businesses and individuals dodge the risk associated with digital payments – such as EFTs – our Bank Account Verification tool completely eliminates unnecessary risks in payment processes.

The importance of verifying financial details in this age of digital proliferation cannot be emphasised enough, with criminals becoming more and more sophisticated and the dangers growing around-the-clock.

As long ago as May last year, in an article by BizCommunity, Lew Geffen of Lew Geffen Sotheby’s International Realty warned about a spike in digital fraud in the industry, saying it was more prevalent than ever before and advising property professionals to verify financial credentials before transferring funds.

At the time, specialist conveyancing attorney from Guthrie Colananni Attorneys, Lara Colananni, was cited as saying there had been such a huge increase in scams enabled by the electronic interception of communication between attorneys, agents and clients, that the Attorneys Indemnity Insurance Fund no longer covered attorneys who fell victim.

Because there is no recourse and there are limited procedures in place to automatically ward off the ever-growing devices of cyber criminals, South Africans need to take risk management into their own hands – but pbVerify is there to make risk management simple and failsafe.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

For more information visit pbverify.co.za, call us on +27 (0)10 300 4898 or email support@pbverify.co.za.

[REFERENCES]  

  1. Business Live – Scam hooks lawyer, but owner pays
  2. BizCommunity – Fraud, an increasingly prevalent threat in real estate industry
  3. Fin24 – Here’s how cyber criminals are targeting attorneys in scams to steal cash
  4. pbVerify Blog – Make payments confidently with pbVerify’s bank verification tool

Top ten benefits of digital signatures

NicoleUncategorized

The technology we have at our disposal today makes for exciting times, with ever-evolving digital tools drastically changing the way business is done.

As an international provider of digital solutions, SigniFlow is grateful to be at the forefront of this exciting era, and to see the different ways in which our solutions empower businesses of all sizes to streamline processes, become compliant and ultimately serve their customers better.

On the back of this, we’ve put together a list of the top ten benefits we have seen at play in the businesses we serve with our solutions, which have secure digital signatures at their core.

  1. Document Security. Nobody wants to have to go into crisis management mode when important paper documents are stolen, misplaced or destroyed due to a fire, flood or other unforeseen disaster. The fact is, these things happen – and prevention is always better than cure. Digital document management and storage eliminates the chances of physical records going missing or being destroyed.
  2. Company image. Using digital signatures and finalising contracts and agreements so much faster than expectations have always dictated shows clients your business has the latest technology in place, and is serious about efficiency. For one of our clients, the fact that they used a digital signature and workflow solution turned out to be a differentiator when it came to them getting a deal.
  3. Corporate social responsibility. There is without doubt increased awareness and a higher expectation for companies to be environmentally aware nowadays. Using digital signatures and supporting a paperless business model demonstrates that you as a company are aware of the impact using paper has on the environment, and willing to employ solutions to minimise damage. Paper pollution causes serious adverse effects to the quality of air, water and land around us. Not only is discarded paper a major component of landfill sites, paper recycling in itself is a major source of pollution, given all the sludge that is produced during de-inking.
  4. Time management. There is nothing more time consuming – not to mention frustrating – than having to spend hours searching for physical documents that went through a lengthy manual signing, managing & storing process – and straight into a proverbial black hole. Digital Signatures turn hours – sometimes days or even weeks – into mere minutes by allowing you to quickly find the required documents, on a secure server, and then action them.
  5. Simplification of processes. One of our recently acquired customers were pleasantly surprised to see how simple going digital and paperless was, and how quickly our solution was able to save them time and money by simplifying day-to-day business processes. “We initially thought the change to digital processes would complicate things and take so much time to implement, but it turns out it was simpler than any single manual process we’ve done in the past, and our employees were happy and quick to get on board and move away from old manual contract signing and filing systems.”
  6. Customer satisfaction. We love to hear feedback from our customers about their customers, because we understand how much value a customer holds for a company. While organisations stand to benefit hugely from going paperless – in both monetary and time-saving terms – the customers they serve reap just as many rewards, including convenience, speed and efficiency. At the end of the day, a happy customer means a happy bottom line.
  7. Eradication of fraud. It’s no secret that any semi-skilled con artist can forge a physical signature. Digital signatures completely eliminate the risk of forgery, because they are backed by a unique digital identity, based on globally accepted Public Key Infrastructure standards. There is no higher level of security when it comes to signing a document.
  8. Legality. One of the things we frequently get asked by customers, is whether digital signatures are legally valid across all parts of the world. The answer is yes. SigniFlow digital signatures were developed with both security and compliance at their core, and are compliant with European, US, South African and international regulations for electronic transactions and trust services. Our solution uses state-of-the-art digital cryptographic signature technology that allows businesses and their customers to sign documents remotely and securely, with the sound knowledge that they are signing with signatures that are legally binding.
  9. Money savings. This is probably the most immediately raved about benefit see when companies deploy digital signatures. Apart from the obvious money-saving benefits that come with not having to print documents out, such as no more paper, ink, printers and maintenance, there are other associated cost savings enabled by digital document management and storage, such as needing less physical office space (which is often one of the biggest expenses a company has), and document distribution.
  10. Audit trails. In business, the ability to trace documents to their origin is crucial – not only for internal records, but also for the sake of transparency, compliance and protection of company information. Our digital signature workflow system provides businesses with a full digital audit trail, kept with documents in the SigniFlow workspace, stored on secure servers.

For more information on our solutions, visit our website www.signiflow.com or contact us by submitting an online query HERE or calling us: International Contact Centre Tel: 002710 300 4899 / From South Africa Tel: 011 516 9403.

Top ten benefits of digital signatures

Bonnie van der MerweUncategorised

We have compiled a list of the main benefits we’ve seen from companies that have implemented digital signature solutions.  

Blog Digital Signature benefits

The technology we have at our disposal today makes for exciting times, with ever-evolving digital tools drastically changing the way business is done.

As an international provider of digital solutions, SigniFlow is grateful to be at the forefront of this exciting era, and to see the different ways in which our solutions empower businesses of all sizes to streamline processes, become compliant and ultimately serve their customers better.

On the back of this, we’ve put together a list of the top ten benefits we have seen at play in the businesses we serve with our solutions, which have secure digital signatures at their core.

  1. Document Security. Nobody wants to have to go into crisis management mode when important paper documents are stolen, misplaced or destroyed due to a fire, flood or other unforeseen disaster. The fact is, these things happen – and prevention is always better than cure. Digital document management and storage eliminates the chances of physical records going missing or being destroyed.
  2. Company image. Using digital signatures and finalising contracts and agreements so much faster than expectations have always dictated shows clients your business has the latest technology in place, and is serious about efficiency. For one of our clients, the fact that they used a digital signature and workflow solution turned out to be a differentiator when it came to them getting a deal.
  3. Corporate social responsibility. There is without doubt increased awareness and a higher expectation for companies to be environmentally aware nowadays. Using digital signatures and supporting a paperless business model demonstrates that you as a company are aware of the impact using paper has on the environment, and willing to employ solutions to minimise damage. Paper pollution causes serious adverse effects to the quality of air, water and land around us. Not only is discarded paper a major component of landfill sites, paper recycling in itself is a major source of pollution, given all the sludge that is produced during de-inking.
  4. Time management. There is nothing more time consuming – not to mention frustrating – than having to spend hours searching for physical documents that went through a lengthy manual signing, managing & storing process – and straight into a proverbial black hole. Digital Signatures turn hours – sometimes days or even weeks – into mere minutes by allowing you to quickly find the required documents, on a secure server, and then action them.
  5. Simplification of processes. One of our recently acquired customers were pleasantly surprised to see how simple going digital and paperless was, and how quickly our solution was able to save them time and money by simplifying day-to-day business processes. “We initially thought the change to digital processes would complicate things and take so much time to implement, but it turns out it was simpler than any single manual process we’ve done in the past, and our employees were happy and quick to get on board and move away from old manual contract signing and filing systems.”
  6. Customer satisfaction. We love to hear feedback from our customers about their customers, because we understand how much value a customer holds for a company. While organisations stand to benefit hugely from going paperless – in both monetary and time-saving terms – the customers they serve reap just as many rewards, including convenience, speed and efficiency. At the end of the day, a happy customer means a happy bottom line.
  7. Eradication of fraud. It’s no secret that any semi-skilled con artist can forge a physical signature. Digital signatures completely eliminate the risk of forgery, because they are backed by a unique digital identity, based on globally accepted Public Key Infrastructure standards. There is no higher level of security when it comes to signing a document.
  8. Legality. One of the things we frequently get asked by customers, is whether digital signatures are legally valid across all parts of the world. The answer is yes. SigniFlow digital signatures were developed with both security and compliance at their core, and are compliant with European, US, South African and international regulations for electronic transactions and trust services. Our solution uses state-of-the-art digital cryptographic signature technology that allows businesses and their customers to sign documents remotely and securely, with the sound knowledge that they are signing with signatures that are legally binding.
  9. Money savings. This is probably the most immediately raved about benefit see when companies deploy digital signatures. Apart from the obvious money-saving benefits that come with not having to print documents out, such as no more paper, ink, printers and maintenance, there are other associated cost savings enabled by digital document management and storage, such as needing less physical office space (which is often one of the biggest expenses a company has), and document distribution.
  10. Audit trails. In business, the ability to trace documents to their origin is crucial – not only for internal records, but also for the sake of transparency, compliance and protection of company information. Our digital signature workflow system provides businesses with a full digital audit trail, kept with documents in the SigniFlow workspace, stored on secure servers.

For more information on our solutions, visit our website www.signiflow.com or contact us by submitting an online query HERE or calling us: International Contact Centre Tel: 002710 300 4899 / From South Africa Tel: 011 516 9403.

Source: pbVerify News

Attention attorneys: Don’t fall prey to bank account scams

Bonnie van der MerweUncategorised

shutterstock_561677989Cyber hackers have made off with hundreds of thousands of rands in their latest sophisticated email interception scam that targets property conveyancers, but this could have been avoided by a simple bank account verification process.

With the recent spate of cyber criminal activity in the real estate industry having left a number of innocent victims in dire straits financially, pbVerify is urging conveyancing attorneys to verify the bank account credentials of home sellers and buyers before transferring funds.

This comes in the wake of last night’s exposé by Carte Blanche, which uncovered the latest email impersonation scam doing the rounds, in which property attorneys are primary targets.

In what is described as a sophisticated email hacking scam, the fraudsters intercept emails between property attorneys and their clients, changing the bank account number of the rightful recipient/s of funds to their own, while leaving the account holder’s name unchanged.

Unknown to the client and without bank account verification, funds are then paid over into the fraudster’s account. Attorneys are shocked to find, upon following up on the funds, that the money was not received by their client.

Unfortunately, because the Law Society indemnifies themselves from cyber fraud, the client has no recourse and the property sale falls through, with an inevitable and devastating impact on all innocent parties involved.

These ruinous incidences could have been avoided through a simple process of bank account verification.

The solution

While industry experts are saying there are issues preventing banks putting a process in place to enable the quick and accurate verification of a bank account holder’s name against the bank account number, for as little as R12, pbVerify offers a solution that does just that.

Launched with the goal of helping businesses and individuals dodge the risk associated with digital payments – such as EFTs – our Bank Account Verification tool completely eliminates unnecessary risks in payment processes.

The importance of verifying financial details in this age of digital proliferation cannot be emphasised enough, with criminals becoming more and more sophisticated and the dangers growing around-the-clock.

As long ago as May last year, in an article by BizCommunity, Lew Geffen of Lew Geffen Sotheby’s International Realty warned about a spike in digital fraud in the industry, saying it was more prevalent than ever before and advising property professionals to verify financial credentials before transferring funds.

At the time, specialist conveyancing attorney from Guthrie Colananni Attorneys, Lara Colananni, was cited as saying there had been such a huge increase in scams enabled by the electronic interception of communication between attorneys, agents and clients, that the Attorneys Indemnity Insurance Fund no longer covered attorneys who fell victim.

Because there is no recourse and there are limited procedures in place to automatically ward off the ever-growing devices of cyber criminals, South Africans need to take risk management into their own hands – but pbVerify is there to make risk management simple and failsafe.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

For more information visit pbverify.co.za, call us on +27 (0)10 300 4898 or email support@pbverify.co.za.

 

[REFERENCES]  

  1. Business Live – Scam hooks lawyer, but owner pays
  2. BizCommunity – Fraud, an increasingly prevalent threat in real estate industry
  3. Fin24 – Here’s how cyber criminals are targeting attorneys in scams to steal cash
  4. pbVerify Blog – Make payments confidently with pbVerify’s bank verification tool

Source: pbVerify News

Still reliant on paper processes? It’s time to pull the plug

Bonnie van der MerweUncategorised

Stop allowing paper processes to drain your business of money and your employees of productivity, and start reaping the benefits of digital.

Doing business in today’s fast-paced, digitally charged world is nothing short of dog-eat-dog. Companies simply have to be able to operate optimally at all times – or risk being devoured by competitors.

Fortunately, with the Digital Revolution now in full swing, state-of-the-art technology and software make it easier for business owners to keep their eyes on the prize at all times, by ridding operations and employees of distractions and impediments to productivity.

Of course, there are productivity drains that remain – and one of the biggest and perhaps simplest to mitigate these days, is paper.

If your company’s processes are still primarily paper-based, you are putting serious – and unnecessary – strain on your business. It’s a proven fact: Relying on manual methods and paper to complete business processes not only hampers productivity, it is also a huge drain on resources.

Think about this: how much time do your employees spend searching through cabinet upon cabinet of paper records to find the document they are looking for? And how much easier and faster could this process be, if the documents were digitally archived, able to be indexed at the touch of a few buttons or with a few clicks?

Imagine employees no longer had to spend their time printing, filing and sorting paper documents, and could rather use their time constructively, while at the same time cutting out some of the physical costs associated with outdated paper processes.

And how much time, money and physical office space could you save if you were to replace paper with the cloud? Consider costs of not only paper itself, but associated costs like printing and courier expenses.

Going beyond the advantages of digital business processes for your business internally, the ability to offer the very lifeline of your business – your customers – speed, security and innovation, is priceless. It’s a well-known fact that today’s customer wants speed and simplicity – which is exactly what digital offers, from onboarding processes to instant finalisation of agreements and contracts online.

Today, it’s no longer a question of whether to go digital, but of when to go digital. And the answer is now. Stop relying on processes that consume resources and drain productivity – and start enjoying the software at your disposal, the digital resources that enable you to streamline operations and elevate your company’s reputation.

Source: pbVerify News

New fintech partnership to escalate RapidLEI growth in South Africa

Bonnie van der MerweUncategorised

Innovative new partnership sees LEIs encapsulated in digital signing applications.

South Africa-based customer communications company, PBSA, and UK-based Legal Entity Identifier (LEI) innovator, RapidLEI, today announced a strategic partnership that will see PBSA become a regional Registration Agent (RA) for RapidLEI as well as build LEI support into its signing solutions.

RapidLEI was launched in 2018 by Ubisecure and has been taking the world by storm through a growing network of global partners, with PBSA representing the next stage in this continued expansion. RapidLEI’s pioneering automatic LEI issuance process sees it reduced from a few days to a few minutes. With regulation mandating the use of LEIs and new use cases now benefitting from the identity assurance LEIs can offer, this G20-endorsed organisation identifier is already achieving mass adoption and shows no sign of slowing down.

PBSA, as a RapidLEI Registration Agent, will meet client demand for LEIs in South Africa, as well as offering LEIs in other regions they are expanding to, such as Europe and the USA, via their SigniFlow brand.

The RapidLEI solution makes LEIs available through a SaaS service or API. The API allows third party developers to build same-session LEI issuance into their applications, which will be used to its full extent by PBSA in the first stage of this collaboration. While strong identities like BankID & eID are beginning to be used to digitally sign documents, this new partnership adds organisational identity to the digital seal in the form of an LEI. Encapsulating the LEI in the company seal gives the other party the opportunity to check identities against a live global company database – verifying which company signed this document, and also their parent company/group structure.

After this initial phase of the partnership, PBSA and Ubisecure plan to collaborate further on additional pioneering identity assurance solutions. Ubisecure will be launching new services in the coming weeks, where LEIs are central to new organisation Identity Provider (IdP) solutions for advanced KYC (Know your Customer) and RtX (Right to Represent). These cutting-edge services will help enterprises to reduce fraud, lower compliance costs and create new products using verified organisation identities.

Leon Van Der Merwe, Director at PBSA, says “We’re very excited to bring Ubisecure’s pioneering approach to digital identity to the South African market and beyond, and have our global customers benefit from strong organisation identities offered by our signing solutions. Our long-held ideals of collaboration, integrity and accountability go hand in hand with what the LEI stands for – trust in who you’re doing business with.”

Paul Tourret, Corporate Development Officer at RapidLEI, says “We are incredibly honoured to be collaborating with the largest South African signing/workflow provider to connect the LEI ecosystem to the signing ecosystem, and we see a lot of potential to further enhance online trust with LEIs and the Ubisecure IdP services as we connect the various ecosystems together. We see this collaboration being the start of a dramatic shift in how LEIs are used in modern digital transactions.”

Find out more about LEIs at www.rapidlei.com, or get in touch now.

About PBSA

With a rich history of innovation dating back over 90 years, PBSA (formerly Pitney Bowes SA) is a leading customer communications company, offering software, equipment and services to help companies improve operational efficiencies and connect with their customers in more meaningful ways.

Based in Midrand, Gauteng, PBSA understands both hardware and software solutions and is optimally positioned to provide a secure, committed support infrastructure to its international customer base. The company’s solutions help companies engage customers, gain business insight, manage document workflow and ultimately optimise overall business performance.

Visit www.pbsa.co.za to learn more.

PBSA LEI: 984500S5591EMD8BCB56

About SigniFlow

Created in South Africa by a team of passionate Johannesburg-based IT minds, SigniFlow is a core workflow, digital document management and cryptographic digital signature engine that works, either on its own, or fully integrated with existing core business systems.

SigniFlow uses the most advanced and trusted digital signature technologies known to man, enabling powerful workflow functionality and ease of document distribution to automate any business process.

SigniFlow has a team of cryptographic experts, experienced engineers and business process automation architects to assist businesses in their digitalisation journey.

About Ubisecure & RapidLEI

Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.

For more information please visit www.rapidlei.com or www.ubisecure.com

Ubisecure LEI: 529900T8BM49AURSDO55

Source: pbVerify News

Paid-up court judgments for bad debt now easier to rescind

Bonnie van der MerweUncategorised

CaptureAn amendment to the law that governs how courts treat bad-debt judgments against companies and individuals makes it much easier for these to be revoked once paid up.

Finally some good news for South African companies and individuals that have been affected by court judgments for bad debt: Once paid up, bad-debt judgments will now be much easier to remove.

This comes after an amendment (Clause 14 into Section 23A of the Courts of Law Amendment Act No. 7 of 2017) to the law on how courts handle bad-debt judgments.

As of 11 March 2019, a company or consumer that has settled their bad debt no longer needs to prove to the courts that there is a sound reason for their judgments to be removed. Previously, those with bad-debt judgments against them had to follow an arduous process known as rescission of judgment, which basically means having a judgment revoked.

Rescission of judgment historically involved a lot of red tape, including a lengthy application process and solid justification, and often hefty costs – and after all of this, there was still no guarantee that the court would accept the justification provided, and consent to reversal of the judgment.

Now, a company or consumer simply needs to show that their debt – including any interest and/or costs accrued from the judgment – has been paid in full, and the related bad-debt judgment can be reversed by the court. There is also no longer need to obtain permission for reversal from the party that obtained the judgment originally.

What does the amendment mean for pbVerify customers?

As South Africa’s leading data bureau, one of pbVerify’s priorities and chief services to you, as our valued client, is to allow you to grant credit to customers with complete confidence. This is why we welcome the latest amendment to the Courts of Law Amendment Act.

If you are a business that has customers for whom you have requested bad-debt judgments, the amendment means those customers now have far more incentive to pay up their debt, as this will allow them to have the judgment against their name removed. Previously, many individuals may have shirked paying their debts, because the judgment against their name would still stand.

If you are a business that yourself has a bad-debt judgment, you can now rest assured that, after paying the relevant creditor or originator of the judgement, you can wipe your company’s bad-debt slate clean.

While there are still processes and costs involved – and some feel the move may benefit companies more than individual consumers – it has been lauded as largely beneficial for any debtor that wants to clear their credit record.

[REFERENCES]
  1. Business Insider – Bad debt judgments now easier to overturn with new rescission rules
  2. The Department of Justice and Constitutional Development – Self-help guidelines for Consent Rescission of Default Judgment
  3. RNEWS – New provisions for rescissions of Paid-Up Judgements
  4. Fin24 – Rescission of judgment explained
  5. Parliament (PDF) – Portfolio Committee amendments to the Courts of Law Amendment Bill

 

pbVerify provides an easy to use, web-based system that instantly connects your business to real-time consumer and business information from the four largest credit bureaus in South Africa, the Companies and Intellectual Property Commission, Deeds Office and other business-critical data providers. pbVerify’s business tools enable you to instantly access current and accurate information to assist you in preventing fraud, identifying, tracing and assessing debtors, and effectively managing risk in your business at all times.

Source: pbVerify News

Electronic vs Digital Signatures: Defining the Difference

Bonnie van der MerweUncategorised

electronic vs digital signatures EDITED“Electronic” and “digital” are often used as interchangeable prefixes to the word “signature” – but there are vast differences between the two.

We are all familiar with, and have at some stage in our daily goings-on, dealt with the traditional “wet-ink” signature. In today’s digitally-charged world, however, this is fast becoming obsolete as more secure, efficient means of signing documents are developed.

A signature is essentially a means of binding an individual to the contents of a document, by way of an intentional mark. It typically signifies knowledge, approval, acceptance, or obligation.

That may be common knowledge, however, the advent of the digital signature has turned the humble handwritten signature on its head, introducing a number of new (and entirely exciting) facets, including a whole new set of terminology.

A digital signature, in its base form, is a digital code created and authenticated by public key encryption, which is attached to an electronic document to verify its contents and the sender’s identity.

But, largely dependent on where you are in the world, “digital” and “electronic” are often confused – or wrongly used interchangeably – in both conversation and law. Often described in unison, digital signatures and electronic signatures individually are different technologies, have different meanings, and they carry different legal weight.

So what exactly is the difference then? Let’s demystify this once and for all…

Electronic signatures: The superficial sign

Also referred to as an “ordinary electronic signature”, an electronic signature is generally defined as “Symbols or other data in digital form (whether it be a sound, process or symbol) attached to an electronically transmitted document as verification of the sender’s intent to sign the document”.

There are many different scenarios here. An electronic signature can be as basic as a scanned image of a handwritten (wet-ink) signature that is copied onto a signed document, in Word for example. Another case of an electronic signature would be your name, typed at the end of an email.

An electronic signature can even be verbal, a simple click of a box, or drawn on a hardware device such as a signature pad.

Given the examples above, it is evident that, by the sheer nature of electronic signatures, these types of signatures are difficult to maintain, and proof of identity, security, authentication and integrity is low.

Electronic signatures do not have the ability to lock documents for editing after the signing process, nor do they carry any active verification capability. This leaves documents signed with electronic signatures wide open to fraud and repudiation.

Digital signatures: The cryptographic mark

As alluded to earlier, digital signatures involve cryptography. They are the most advanced and secure type of electronic signature, and they guarantee the contents of a message or document have not been altered in transit.

A digital signature is also referred to as an advanced or secure electronic signature. It is based on Public Key Infrastructure (PKI) technology, using accredited personal X.509 digital certificates to provide the highest levels of security and universal acceptance.

These electronic signatures on steroids are created using a cryptographic operation that creates a hash-code unique to both the signer and the content, so that it cannot be copied, forged or tampered with.

This process provides strong proof of the signer’s identity, protects the data integrity of the document and provides absolute non-repudiation of signed documents.

Digital signatures can be verified without the need for any special proprietary software. Depending on the document format, the latest versions of free Adobe Reader or Microsoft Office application can verify the signature. Simply click directly on the digital signature to view the properties, signer’s identity, time and reason for signing – all of which are embedded in the document.

When a digital signature is applied to a document, a digital certificate is attached to the data being signed into one unique fingerprint, including cryptographic credentials.

That said, it is obvious digital signatures would carry far more legal weight and be preferable should security be even a slight concern.

In a nutshell, you could say electronic signatures verify documents, whereas digital signatures secure documents.

* SigniFlow only utilises Digital signature technology. Every signature on a document signed with SigniFlow is a Digital signature that carries the unique cryptographic credentials of the signer.

[REFERENCES]  

  1. za – Electronic Communications and Transactions Act, 2002
  2. Michalsons – Guide to the ECT Act in South Africa
  3. Difference Between – http://www.differencebetween.net/technology/difference-between-digital-signature-and-electronic-signature/

Source: pbVerify News

Credit bureaus rebut e-toll blacklisting threats

Bonnie van der MerweUncategorised

Etoll picSA’s credit bureaus contradict threats by collection company ETC that non-payment of e-tolls could get road users blacklisted.

Road users need not panic – non-payment of e-toll bills will not get you blacklisted.

This is the firm word from SA’s credit bureaus, in reaction to recent news around e-tolls and default judgments that has sparked a new wave of panic around the government’s embattled highway tolling project.

In a statement last week, the Credit Bureau Association (CBA) stated categorically that road users could not – and would not – be blacklisted for not paying their e-toll bills. “Information relating to e-tolls/SANRAL [SA National Roads Agency Limited] will not be held on the credit bureaus.

“The Transport Laws and Related Matters Amendment Act, 2013, which amended the South African National Roads Agency Limited and National Roads Act, 1998, specifically excludes the levying and collecting of e-tolls from the provisions of the National Credit Act, 2005 and the Regulations thereto, as amended from time to time (“the NCA”).

“Credit bureaus receive, hold, display and remove consumer information in accordance with the provisions of the NCA and accordingly are not able to hold information which is specifically excluded from the provisions of the NCA.”

The CBA, an industry body representing 9 of the 14 registered credit bureaus within South Africa, further stated that any information relating to e-tolls or SANRAL, which had been “inadvertently” loaded onto a consumer profile, would be removed.

“If any consumer is aware that information relating to e-tolls/SANRAL has been loaded to his/her consumer profile, please contact one of the [listed] credit bureaus to lodge a dispute and this information will be removed.”

The CBA represents Compuscan, Consumer Profile Bureau, Cred-IT Data Risk Management Solutions, Experian, Inoxico, Lexis Nexis Risk Management Services, Tenant Profile Network, TransUnion and Xpert Decision Systems (XDS).

What sparked the panic?

The CBA’s setting straight of the record comes after reports last weekend that a Gauteng motorist had been denied credit after being blacklisted for owing R60 000 in e-toll fees.

According to IOL, at least 25 other e-toll defaulters had also been given default judgments. Default judgments arise when a debtor does not respond or defend a summons they have received, and a default judgment automatically means blacklisting.

Shortly after reports of the shock discovery by the Gauteng consumer, Electronic Toll Collection (ETC) – the body appointed by Sanral to collect e-toll fees – said it had applied to the courts for about 1 400 default judgments against road users who had neglected to pay their e-toll fees, and had ignored court summonses.

According to Eyewitness News, ETC chief executive Coenie Vermaak said that over 15 000 summonses had been sent to court for e-toll users who had not settled their e-toll accounts.

 *To read the law that underpins the CBA’s statement first-hand, click HERE.

 [REFERENCES]  

  1. Credit Bureau Association: Consumer information relating to e-tolls
  2. za – Transport Laws and Related Matters Amendment Act 3 of 2013
  3. Eyewitness news – E-tolls collection company applies for 1400 default judgments for blacklisting
  4. Business Tech – ‘Pay your e-tolls or you will be blacklisted’
  5. IOL – E-tolls blacklist shocker for Gauteng resident

Source: pbVerify News

China’s social scoring system takes the idea of credit vetting to another level

Bonnie van der MerweUncategorised

 

chinasocialcredit

Picture credit: Kevin Hong

Your credit score makes up a significant part of the whole when it comes to your social status – something we at pbVerify value, and use to promote sound decision making.

 

As SA’s leading credit data bureau, pbVerify knows how important it is – for businesses and consumers alike – to be familiar with their credit history, and well aware of their current credit status. There are good reasons for providing access to credit score information, all of which are aimed at promoting financial health and good business decisions.

The same beneficial system, however, has seemingly seen a more sinister twist, with the well-publicised move by the Chinese government to take it to a whole new level – one that instils fear, rather than protecting the people it is in place for.

We all know about social status and, whether we like to admit it or not, it is important to us. Nowadays we use social media platforms like Facebook, WhatsApp, Instagram and Snapchat to project a certain idea about ourselves to the world around us – a feature these platforms refer to as a user’s “Status”.

pbVerify specialises in one of the most influential aspects or “scores” that make up a personal status – your credit score. While most consumers are all too familiar with what a credit score means, the implications of a negative score and the importance of knowing your score, the system the Chinese government plans to implement over the next few years, in which every citizen is tagged with a social score, sounds like the makings of a science fiction novel.

China’s Social Credit System (SCS), whereby the government plans to rank its citizens based on their social credit, is due to be implemented in full by 2020, although its wheels are already well in motion. It basically allocates each citizen a social score card based on – among other things – their credit history, behaviour, philanthropic contributions and even outlook on life and events. The government will garner this information based on citizens’ accounts and network activities.

Going forward, this social credit score will be used to rank citizens and reward – or punish – them accordingly. Some of the implications include travel bans, exclusion from top schools (for kids of parents with low credit scores) and from certain jobs, slow internet connection, exclusion from hotels, and even registration on a public blacklist.

In development for some time already (reportedly conceived around 2014 in its current form) and set in motion in earnest in late 2018, China’s SCS has already seen millions of Chinese citizens prohibited from travelling, with a reported 1.75 million air ticket purchases, and 5.5 million train ticket purchases denied last year.

While China claims its aim with the SCS is to enhance trust and social stability by creating a “culture of sincerity”, most are less optimistic about the system’s ultimate goal, with many referring to it as an Orwellian Dystopia, and calling it “nightmarish”.

The jury is sure to be out on this one for some time, at least as far as the general public goes. If nothing else conclusive for now, it does go to show the weight social scores – or statuses – can hold.

We are all about empowerment

At pbVerify, we pride ourselves in providing a service that is accessible, easy to use – and above all, beneficial to our customers. Our focus is on empowering our customers every step of the way, by imparting knowledge that enables sound, intelligent financial decisions.

We constantly strive to put the power squarely in the hands of local businesses, to enable them to quickly and comprehensively make informed decisions with regard to the customers they onboard.

To this end, we recently bolstered our TransUnion Business Report with Quick Vet 4 Business (QV4B) – an instant online tool that enables credit vetting decisions in a matter of seconds.

Granting credit to new customers does not need to be a long, complicated process. Read HERE for more on how QV4B can speed up your business’s decision making and credit granting processes, giving you more time to attend to the things that matter most.

For more information or to speak to a pbVerify consultant call 010 300 4898 or email support@pbverify.co.za.

[REFERENCES]
  1. Wikipedia – Social credit system
  2. ABC Australia – China uses social credit surveillance system to ban millions from buying plane and train tickets
  3. Opploans – For people with bad credit, China’s ‘Social Credit’ scores sound like an actual nightmare
  4. Wired – Big Data meets Big Brother as China moves to rate its citizens
  5. Wired – The complicated truth about China’s social credit system
  6. pbVerify Blog – pbVerify bolsters credit risk management portfolio
  7. TransUnion – Quick Vet 4 Business

 

Source: pbVerify News

Brand new Hybrid Server range in the offing

Bonnie van der MerweUncategorised

carbonite-hybrid-server-for-business2The SigniFlow team has once again gone all out to ensure all our customers’ needs are met in every way, with our latest range of Hybrid Server licences.

Following an overwhelmingly positive response to our hybrid server solution, SigniFlow has pulled out all the stops to create a product that covers all bases, serves every one of our customers according to their specific needs and – above all – is first-class and failsafe.

A native cloud application utilising cloud computing frameworks and network-attached Hardware Security Modules (HSMs) to perform cryptographic signature operations, the SigniFlow solution was born out of the need for enterprise-level businesses to have maximum control over their data.

“For most small-to-medium businesses, accessing applications in the cloud was no problem, in fact it was in many cases preferred, but at an enterprise level, where highly sensitive documents and international legislation were involved, the need for more control was imminent,” explains Leon van der Merwe, Digital Director at SigniFlow.

In response to this need, SigniFlow launched its first open-enterprise on-premise SigniFlow Hybrid Server in 2017.

The term ‘Hybrid’, which we’ve used to name our server offering, refers to the combination of technology it employs – a dedicated hosted server, virtualisation technology and cloud-based cryptography.

Although often referred to as an on-premise solution, the SigniFlow Hybrid server is at home in a private server room or data centre, as well as in any hosted environment (private or public-cloud) and in a secure cloud services platform, like the popular Amazon Web Services (AWS) or Microsoft Azure.

The SigniFlow Hybrid brought about the ultimate in customisation, rebranding, enterprise information control, and an unrivalled bespoke integration landscape.

Highly successful among the big businesses the solution was intended for at the time, the technology drew such interest in the market at large during 2018, that suddenly businesses from across the spectrum wanted it.

“By listening to our customers, we realised that the solution, originally built for the enterprise, needed to be more flexible and scalable, to cater to medium – and even smaller – businesses,” says Van der Merwe.

“The SigniFlow team has once again gone full tilt in the idea factory, and we are very excited about our brand new Hybrid Server offerings for 2019.”

How the new licences work

The new SigniFlow Hybrid Server range consist of five new licences, the NANO-50, MEGA-250, TERA-500, PETA-1000 and the exciting new document-based open-enterprise license, the EXA-OPEN.

As its name suggests, the NANO-50 is a single tenant Hybrid that caters for up to 50 users, unlimited documents and unlimited signatures.

Similarly, the MEGA-250, TERA-500 and PETA-1000 cater for up to 250, 500 and 1 000 users respectively, all with document limits removed, and fully scalable and upgradeable licence plans.

From the MEGA-250 onwards, the servers can be duplicated to cater for more than 1 000 users and farmed for high-volume load balancing. Each comes with a second licence that can be used for disaster recovery (DR), or user acceptance testing (UAT or pre-prod). These models are also multi-tenant and can feature multiple business profiles per server.

The EXA-OPEN introduces a new approach to enterprise licensing. Documents, which may contain any amount of signatories, are bought in packs, ranging from 1 000 to 400 000 documents per pack, at incredibly low rates per document.

The real benefit of the EXA-OPEN kicks in for customers with document volumes above 400 000 per year, as the licence has a ceiling-charge equal to the 400 000 pack’s price. This means that after 400 000 documents, a flat annual rate is charged – no matter how many documents are involved or how many users are utilising the system.

The new Hybrid Server Licence Models are available in South Africa, South America, the United States, Europe, the Nordics and the United Kingdom.

 

For more information on how our Hybrid Server range can benefit your company, contact the team via support@signiflow.com  or phone:

South Africa : (+27) 10 300 4898

Americas: (+1) 603 717 4248

Europe: (+32) 494 102 095

Source: pbVerify News