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Abu Dhabi, 24 June 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has launched FAB eSign, a new portal that provides a secure, safe and legally valid way for clients to sign documents digitally.
Initially available to clients of FAB’s Global Transaction Banking (GTB) division, FAB eSign allows authorised signers to digitally sign documents anywhere, anytime, whether at home, at the office, or while travelling. This eliminates the need to sign documents in ink and submit physical documents to the bank.
This innovative service is fast and convenient, addressing pain points which required FAB relationship managers and clients need to pass physical documents person-to-person. Some of the documents eligible for FAB eSign include Channel on-boarding documents, Facility Offer Letters, Escrow Agreements etc.
Manoj Menon, Senior Managing Director and Head of Global Transaction Banking said, “FAB eSign meets a strong underlying demand for an increased scope of digital services. It also has particular relevance currently, as both bank employees and clients are exercising social distancing, and many authorised signers are working remotely from home. By removing the need for ink-and-paper signatures for a range of bank agreements, FAB eSign meets an important immediate need in our digital offerings, while also reducing the times by eliminating the need for physical paperwork to be passed hand-to-hand between clients and the bank’s employees.”
To use FAB eSign, authorised signers are notified via email when documents are sent to them and they enter their credentials to access an on-line portal where the authorised signer can review the document and add their digital signature.
The digital signatures are secured using public key infrastructure (PKI) to create an encrypted digital certificate. The encryption operation binds the signer’s digital certificate and the document and creates one unique fingerprint or key. This ensures the document is authentic and signed by verified signer, that it has not been tampered with after being digitally signed, and that the identity of the signers is always maintained and can be verified at any time.
The FABeSign solution was made possible by FAB being licensed as a ‘Digital Certification Provider’ by the Telecommunication Regulatory Authority (TRA) of the UAE. This license allows FAB to act as a Certificate Authority (CA) and issue digital certificates to its subscribers.
By providing such high standards of confidentiality, authentication and non-repudiation, FAB eSign gives clients an easy and convenient way to digitally sign the documents from the comfort of their home or office and have the peace of mind that their data is protected, and the digitally signed documents will have a similar level of legal acceptance as documents signed in ink.