Signzy Pushes for Aadhaar-less Digital Signature Protocol

 India’s leading RegTech startup Signzy today said that its state-of-the-art Digital Contracts Product is able to execute digital agreements without the need of Aadhaar-based authentication. The company added that it stopped providing Aadhaar-based digital or e-signature authentication services soon after India’s Supreme Court restricted the use of Aadhaar for authentication by private parties, in a judgment in September 2018.

“Signzy’s digital contracting protocol does not need Aadhaar, and is therefore fully compliant with the Supreme Court’s judgment on the right to privacy. The protocol is already being used in live environments by several banks and other financial services providers in India,” said Ankit Ratan, CEO, Signzy.

Seven-point framework

Following Supreme Court’s another judgment recognising the right to privacy in August 2017, Signzy had devised a seven-point framework to guide the formulation of fully-compliant data policies by all digital businesses operating in India. The framework made a distinction between personal and private data and called for taking users’ consent explicitly and in plain words. It also emphasized that consent alone is insufficient in certain cases and further asked businesses to ascertain the ‘necessity’ of collecting data. The full framework is published.

Signzy offers digital new customer onboarding solutions, including digital and video-based KYC solutions, to global banks and financial services companies. The company counts SBI, HDFC Bank, and ICICI Bank among its clients in India.