Economy July 14, 2023 | 2:27 pm

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ABA announces it will provide digital signature services; It has national and international validation

Santo Domingo.- The Association of Multiple Banks of the Dominican Republic (ABA) has announced that it is offering its services as a qualified digital signature provider to its members, the financial market, and the productive sectors, including micro, small, and medium-sized enterprises (MiPymes). This move is seen as a commitment by the banking sector to innovation and digital transformation.

The objective of this initiative is to streamline services and enhance the user experience. The ABA emphasized that documents signed using this digital instrument have the same legal validity as handwritten signatures, in accordance with the current legislation and regulations in the Dominican Republic.

To provide this service, the ABA has undergone audits and validations at both the national level by the Dominican Institute of Telecommunications (INDOTEL) and at the international level by digital signature and certificate provider firms. These processes ensure the legal and technological security of the digital signature service.

One of the main advantages of digital signatures is that they enable the signing of agreements and business arrangements without the need for all parties to be physically present. This allows clients abroad, particularly in the United States and the European Union, to carry out banking procedures without traveling to the Dominican Republic.

The ABA clarified that prior to using the digital signature service, the digital onboarding or authentication process must be completed to verify the identity of the signatory.

The ABA emphasized that the adoption of digital signatures benefits both clients and financial institutions by generating financial products and services that do not require physical presence, thereby eliminating long queues and unnecessary operational costs.

While electronic signatures are widely used in the financial sector, their applications extend to commercial, real estate, judicial processes, public administration, and other sectors.

The ABA stated that digital transformation continues to create new ways to simplify and improve people’s lives, leading to increased efficiencies, reduced costs, and the emergence of previously unimaginable business models. The banking sector has been at the forefront of adopting digital tools, making notable investments in exponential technologies such as machine learning, big data, and artificial intelligence.

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