What is an electronic signature

What is an electronic signature?

Electronic signature is an electronic way of signing documents. In practice, this means that the document to be signed is uploaded to an e-signature service and the person signs the document on the service. The person signing the document is identified electronically before signing. There are many e-signature services and, in addition to the browser-based service, many services can also be integrated into the systems and processes already used by the company.

There are different levels and methods of electronic signature. There is digital signature, electronic signature, advanced electronic signature... The different terms and words can get confusing, which is why we've put together a shortglossary of electronic signatures at the end of this page, which you should check out if a term doesn't ring a bell.

Why use an electronic signature?

There are manyreasons to switch to e-signature. Firstly, you can sign electronically regardless of time and place. No need to carry contracts from one place to another, and no need to worry about losing an important contract in transit. In addition, all parties to the contract can access the signed document at a later date. It's easier to give the right people access to the document online than digging through filing cabinets in the office.

Another positive aspect is that the integrity of an electronically signed document can be verified. In practice, this means that you can check that the signed document has not been modified since it was signed. Depending on the service provider, this can be done, for example, by uploading the signed documentto a verification service, which checks the authenticity of the document.

What can an electronic signature be used for?

An electronic signature has the same legal validity as a traditional signature. It can therefore be used in the same signature situations as pen and paper.

An individual may receive a request from a letting agency to sign a lease or from a renovation contractor to sign a contract for a kitchen renovation. In this case, the signature can be done by authenticating with bank credentials and, if necessary, creating a user ID.

Businesses can adopt the e-signature service and switch to signing all or part of their documents electronically. There is a wide range of service providers and solutions. More information on how to compare services and what to consider when choosing a service for your business is provided in the next section.

Signature services need different features in different sectors and for different functions in different organisations:

Municipalities and cities

Municipalities and cities can use e-signatures to sign contracts, financial statements, employment contracts, etc. It is worth noting that not all documents are subject to precise requirements on how they should be signed. However, the Accounting Standards Board has recommended that the signatory be strongly identified when signing financial statements. This article by the Association of Local Authorities goes into further detail on the requirements.

Housing associations

Electronic signing will make the building society more efficient by enabling a fast, time- and location-independent signing process. It is also a more environmentally friendly and cost-effective way to manage signatures. SignSpace also allows you to manage your votes remotely!

(Tip: electronic voting is included in all SignSpace packages.)

Electronic signature for housing associations

Contracts and other documents are still largely handled in the traditional way in housing associations, although the process could be made much easier with the help of an electronic signature service.

A housing association can sign electronically, for example:

minutes of the board of directors of a housing company
financial statements
management certificates
maintenance contracts and works contracts.

Hosts

Ease the paperwork burden of hosting

A huge number of different documents pass through property managers. Managing this vast amount of information is made easier by having all the documents related to the same subject in one place, rather than having to trawl through file folders.

All securely signed

No more scouring the office, scanning files, desperately searching for documents or scrolling through email chains!

With SignSpace, you can easily manage not only electronic signatures, but also the management, sending and communication of other hosted documents. Manage, for example, the minutes of your housing association's meetings, contractor agreements, notices of termination, certificates and even car park reservation agreements electronically in one place. SignSpace is a reliable and secure solution when you are ready to electronically manage your property management processes.

Signing minutes and contracts

Conveniently send signature requests directly to your partners or members of the board of directors of your housing companies. Save time and money by keeping all communication, for example on minutes of general meetings, in one place electronically, without the need for physical meetings or paper delivery.

Stay in touch and collaborate

Manage and comment on all documents relating to your company with your board members in one place. Collaboration is smoother when no one drops off email chains and the necessary files are available to all concerned.

Archive documents in one place

It's easy to manage information when all documents related to the same issue are stored in one place. All documents signed with SignSpace are archived for 10 years, so you can forget about endlessly browsing through file folders and dusty file cabinets in your office.

Personnel management

HR matters easily and securely

Save time from paperwork to other HR tasks with SignSpace. SignSpace allows you to easily sign and manage employment contracts and other documents.

Sign contracts Manage documents

Save time and money by eliminating the need to scan, print, email, email back and forth or run around the office to sign contracts and documents. This leaves more time for other HR tasks, such as finding diamond talent and looking after staff wellbeing.

Sign contracts quickly

Signing an employment contract is a breeze when the parties don't have to be in the same room or scan and email the contract back and forth. It's also easy to sign contracts such as family leave, part-time and teleworking contracts.

Manage documents

"Where was that employment contract for Teija saved and where is the attachment that was made to it?" No more fishing for files in miscellaneous folders! With SignSpace, all documents related to the same issue are stored in one place and can be easily found whenever needed.

Archive without worry

All signed documents are automatically archived for 10 years in encrypted form on servers in the European Economic Area, certified to ISO 27001. All parties to a contract can find the signed document and its attachments in the archive if required.

Tip: Integrating the electronic signature service with different systems, such as the popular Sympa HR, makes the signing process even easier (SignSpace offers just such an integration).

Sales

Boost your sales!

Make your sales job easier and improve the customer experience when you use our e-signature service. Collaboration between parties is smoother, you close deals faster and your company's sales processes are modernised.

Offers and contracts

Send an offer, discuss it with your customer, make the necessary changes. Once the deal is agreed, you can send the contract for signature via SignSpace. This way, both parties have a legally binding and securely archived proof of the transaction.

Strong identification

By using strong electronic identification of the signatory, you know for sure who has signed the contract. With advanced electronic signatures, signatories are identified by bank IDs or mobile certificates.

Archiving the signed content

Signed contracts are stored in the service for at least 10 years. No more unnecessary searching in the filing room cabinets. Everything is where it should be, available to all parties to the contract.

Administration

Is the administration drowning in contract chaos?

With SignSpace, you can manage the day-to-day tasks of your business, such as contract management and project coordination.

Get your administrative routines in order

With SignSpace, you can manage your company's contracts and administrative routines from anywhere. The service's task management and threads help you manage projects, for example, by facilitating communication and paperwork related to contract negotiations.

All the contracts you sign with SignSpace will be stored for at least 10 years, eliminating the need for a physical contract archive.

Quick signatures

Need to sign a contract quickly? With an electronic signature, you can get the document to be signed to the recipient immediately, without having to send the paperwork through the post. The recipient can conveniently sign the contract, for example, with a fingerprint.

Communication and information management

SignSpace allows you to communicate conveniently about different projects or contracts, either across organisational boundaries or in private chat conversations. You'll be better able to keep your finger on the pulse with all the communication you need at your fingertips.

Share files, manage tasks

Need input from a colleague on a specific project? SignSpace allows you to share files and request tasks from others. This way, for example, you don't miss out on commenting on a contract, as you can conveniently remind your colleague by chatting.

Role-based authorisation

You can create groups of users with different levels of access rights. You don't need to authorise each person individually for different documents, but manage access rights through convenient user groups.

Using your computer, tablet or smartphone and the internet
Account and licence signing service
The signatory, the signatories' email address and the document to be signed (e.g. as a pdf)
The document to be signed (e.g. as a pdf)
Bank IDs
Just a few minutes.

Light or strong level of recognition?

An electronic signature service is often best suited to the needs of businesses, with a choice of either a light or strong authentication level. Strong authentication refers to the fact that the person signing is strongly identified, for example by means of online banking credentials issued by a bank. Light authentication refers to the identification of the signatory, for example by email verification. In practice, this can be done even by a one-time security code sent in an e-mail.

Strong authentication is recommended, especially in cases where there is a higher financial commitment or risk, or where the recipient is not known. For example, when signing an employment contract, identity verification may be required, in which case strong authentication is the right choice when using an electronic signature service.

Not all e-signature services offer the possibility of strong authentication, and this should be taken into account when comparing services.

What to consider when comparing services

When comparing e-signature services, it is a good idea to first consider the purpose of the service and the users. Whether the service will be used by the whole company or only by, for example, administration and management, may affect the pricing of the service if it is priced according to the number of users. Pricing based on the number of signatures and the level of authentication will give a clearer picture of prices and help with comparisons.

For a company using or considering implementing an e-signature service, the most important thing is often that the service has the right features to meet its needs. In addition to e-signature, different services may offer, for example, the possibility to communicate, archive documents or use the service from a mobile phone, which may affect the pricing of the service.

Security is also an essential element in the comparison of services. Make sure that the service meets the legal criteria for electronic signature. If the service archives your contracts, make sure that the location of the storage site, for example outside the European Economic Area, does not cause problems.

Finally, think about the implementation of the service. Does the service requireintegration or is it ready to use? Some services offer a free trial period if you want to familiarise yourself with the service before subscribing.

Tips for using SignSpace

To get the most out of SignSpace, you need to make use of its many features. Electronic signatures can also be easily signed using the SignSpace Key mobile app. DownloadSignSpace Key from your app store.

You can use the service like secure mail to send sensitive messages and documents securely. All documents stored in the service remain within the European Economic Area.

Give access to the service to everyone in your organisation who needs it, as there is no limit to the number of users. You can create different user groups and set different levels of access rights. You can also post tasks on the service, for example, in connection with a project.

Monitor the progress of signatures and send reminders if necessary to ensure that contracts are signed on time.

If you need more detailed guidance or training on how to use the service, book ademonstration.

Digital signature

A digital signature is a type of electronic signature that complies with the strictest legal requirements.
Digital signatures link the content of the document to be signed with the identity of the signatory.
The identity of the person signing the document has been verified by a trusted party (e.g. a bank). The integrity of the document, i.e. its integrity after signature, can be verified.
The signature is irrefutable, which means that the signatory cannot credibly deny having signed the document.

Accepted electronic signature

The eIDAS Regulation sets out a number of requirements for qualified signatures, including detailed information on certificates, signature validation information (signatory's public and private key) and the signatory's name or pseudonym. If you want to go deeper into the subject, you can read more onthe Cybersecurity Centre's eIDAS services page.

In Finland, only theNational Agency for Digital and Population Information (Digi- und väestötietovirasto) offers approved signature certificates.

Light and strong identification

The difference between light and strong identification is the method of identification at the time of signature. However, an electronic signature at both the light and strong authentication level is fully legally binding. The level of authentication is usually chosen by the sender of the signature request.

In the case of light authentication, the signatory is identified by a code or a link, for example in an e-mail or SMS message. In practice, this can be done, for example, by the signatory opening the signature request and then receiving a code in his/her e-mail and entering it into the signature service. In many situations, a light signature is a sufficient level of authentication.

Strong authentication means using a method of identification from a trusted party. Online banking credentials issued by a bank and a mobile certificate are the most common strong authentication methods. Strong authentication means that the identity of the signatory is confirmed by the trusted party (e.g. the bank).

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