Throughout the first quarter of 2021, we interviewed dozens of legal advisors, investors, and startup founders to better understand the bottlenecks in the signing process of complex funding agreements. One theme that kept repeating is that managing the entire signing process is quite complicated.
There are usually many documents that need to be signed and there are many signatories involved. It is difficult to keep track of which documents have been signed by everyone, which are still waiting to be signed or are still in the preparation phase.
Based on these insights from people who deal with complex signing processes on a daily basis, we redesigned our web app from the ground up with two main focuses:
After logging into the .ID web app, you now have a complete process overview of your signing flow. It takes a maximum of 5 seconds to see which documents are still in draft, which are waiting to be signed or which are already signed.
One good thing about the .ID is that when you prepare the document for signing, you can update new versions of the files to be signed until the first signature is given. This way the document itself stays the same, and you can already share it with the future signers and keep them updated and prepared for the signing.
We've also completely redesigned the document screen to give you more space, clear focus, better visibility, and additional transparency over digital signatures.
Based on our testing, adding 3 signers to the document is 2-5 times faster in the .ID web app than in other popular electronic signature tools. Imagine the difference in the case of 10+ signers, which is quite common in complex signature processes like closing a startup's funding round.
Furthermore, signing multiple files in a document requires only one digital signature, as it applies to the entire contents of the document, no matter how many files are in it. There is absolutely no need to repeatedly drag signature fields into the PDF, as the signature sheet is automatically added to the end of the signed file.
We've made managing people in the new .ID app much easier. Invite people to the document using their emails or simply send them a share link via Slack or another messenger tool. You can invite people as viewers or signers and change their roles later with a click.
We've also brought more transparency right into the document details view. Now you can conveniently preview the signature sheet from the toolbar, check the individual hash values of the digital signature, and see the signed document with the digital signature sheet attached to the original document. We have also retained all document output formats: Original files, signed copy, signature sheet, and finally the all-encompassing ASiC container.
We work hard to ensure signature security across 3 different dimensions:
The .ID web app relies on the .ID mobile app for secure login and signing. It is many orders of magnitude more secure than using password-based security. Your private 256-bit signing key is stored on your mobile phone and encrypted with the PIN code.
The digital signature itself is a unique string of characters created based on your private key, the document's digital fingerprint (hash), and your digital identity certificate.
In addition to the improvements mentioned above, you'll discover dozens of other new features in the new .ID web app. All of these features were developed with feedback we received from people who need to sign or have signed dozens of documents every day.
In the coming months, we will continue to work on the new features that will make signing even easier, provide better control over the process, and make collaboration more effective in the complex signing cases. Stay tuned!