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Tuesday, January 23, 2018

ProCredit Bank introduces electronic signature system

ProCredit Bank is the first bank in Georgia to introduce an electronic signature pad for use in certain transactions instead of paper documents.

The first ProCredit branch to implement the new system was the newly renovated Agmashenebeli branch in Tbilisi, where the first banking transaction with an electronic signature was performed by President of the National Bank of Georgia George Kadagidze.

"Banking innovations and infrastructure reforms are an irreversible and permanent process. We can say with certainty that today Georgian financial institutions offer customers the most advanced products and services, which is demonstrated by the electronic signature service currently offered by the bank. A similar service is available at banks in Germany, Italy, Spain and the U.S. This system provides a simple, fast and safe procedure," Kadagidze said.

Based on a model agreed to with the national bank, an electronic signature has the same legal effect as a signature on paper documents, conferring identical rights and obligations on the bank and its clients. ProCredit Bank's electronic signature system is automatically able to identify the author of a signature and thus verify its authenticity.

The service will be introduced at ProCredit Bank's other branches over time.