Capital Alliance implements emSigner for swift customer on boarding and reduces carbon footprint in the Process
on boarding and reduces carbon footprint in the Process Capital alliance is the first company in Sri Lanka to enable their customers to open an account by using digital signatures on emSigner
Capital Alliance Limited has been following paper-based administration, generating extensive paper enclosures during customer onboarding. CAL saw an increase in the volume of printing paper for form-filling, document submission, manual signatures, etc. Also, it was time-consuming to approve the physical file, which had to move from one level to another level of the concerned department.
This has become a bottleneck resulting in the following problems:
- A huge pile-up of files pending for approvals, resulting in a delay in project clearance, etc
- Increased turnaround times because of high volume and physical processing
- Loss of customers, revenue, reputation, leading to the loss of business
Company’s initiatives
CAL is a leading investment bank in Sri Lanka, offering a broad spectrum of integrated investment and capital market solutions to a diversified client base. CAL’s client network extends to numerous institutional investors, beyond Sri Lanka, across multiple geographies.
Business Needs
Reduce turnaround times for customers in filling the application, submission, eKYC, and verification for opening an account using eSignature, ensuring a completely paperless office.
Approach
Deploy a digital signature workflow solution for management of customer lifecycle from application to account opening using legally valid electronic signature and components of digital signing and validation, approval workflow, and document management.
Technologies Used
- Languages: JAVA(JDK 1.6+)
- APIs: JCA, Bouncy Castle, XML Dig Sign, Apache XML Security Communities
- Frameworks: Spring 2.5, Hibernate 3.0
- Web service protocols: SOAP/HTTP, WSDL
- Cryptographic Standards: PKCS#1, PKCS#7, PKCS#11, PKCS#12, CMS, X.509
- Algorithm Standards: RSA, AES, SHA-256
Business Requirement
Capital Alliance wanted to overcome these problems and enhance its service delivery mechanism. They have opted for implementing emSigner, eMudhra’s paperless office solution that helps customers in filling an online form and submiting the documents online with e-signature. This eliminated the physical paper movement, reducing time and cost.
Benefits
Today, CAL has reaped significant benefits by implementing the emSigner application. These include
- Ensuring document integrity
- Reducing process delays
- Eliminating the use of papers and printers, saving huge costs
- Faster turnaround time in decision making
- Meeting compliance & regulatory requirements
- Requirements Going green and reducing carbon footprint in line with the vision of the Country
The Solution
eMudhra’s current enterprise and consumer solutions include Digital Signature Certificates, emSigner- a Paperless Office Solution. Numerous leading enterprises and corporates use emSigner applications for paperless office solutions and automate customer onboarding processes to enhance customer experience, reduce activation time, and business growth.
Some of the key elements of emSigner solution are:
- Online customer application form: Online account opening application form available on the CAL portal, defines the application logic, which makes the data entry efficient and intuitive. It will be encrypted using PKI infrastructure to ensure the authenticity of the user so that no tampering takes place during the application transmission from front-end to back-office
- eSignature: To sign and submit the account opening application form, no repeated validation like OTP Generation or Digital Certificate is required
- emSigner: Using emSigner as an internal banking application, the bank administrators can approve bulk customer applications online and process them in less than 5 minutes
The paperless office solution uses following broad modules:
emSigner
- Digital Signature Workflow application for digital signature based workflow management with form builder
SecurePass - eMudhra Authentication Server
- To authenticate, verify digital certificates on a real time basis.
Configuration Module
- Signature, Encryption & HSM (Hardware security module)
Hardware Security Module
- FIPS-2 level 3 certified physical computing devices that safeguards and manages digital keys for strong authentication and provides crypto processing.
emCA – Certificate Lifecyle Management
- a.Certificate Issuance - To manage the issuance, revocation of Digital Signature certificates
- b.Certificate Download - For downloading digital certificate from Certifying Authority (CA) as a soft or crypto token
- c.Certificate Registration - To allow the customer to register their digital signature on the Banking application
How it Works?
eMudhra demonstrated a Customer Onboarding working solution for the CAL that used the following steps:
- Customers visiting CAL’s Website need to populate the online form with the required information
- Once all the required information is provided by the customer, an Email verification link is sent to the email and verified
- Once the Email verification is completed, the user is inquired for further information and document submission as per the requirements
- Finally, the customer signs the document by accepting CAL’s terms and conditions, stating that required documents are submitted
- After the customer application submission, it is moved to emSigner CAL Application, where CAL Officers examines the application form, creates a workflow that facilitates multiple teams to work on the same data and approves them
- The customer onboarding system works on smartphones, tablets, laptops, and PCs, regardless of the devices operating system.
- After enabling emSigner, CAL has been onboarding its customers automatically. This is being done without any human inference in 90% of the cases except some back office processes.
