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OneSpan Strengthens Protection of Web3 with New Innovative Cloud Notarization Solution
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Rhea-AI Summary
OneSpan has launched OneSpan Notary, a cloud-connected solution designed for secure and convenient digital notarization. Developed in collaboration with notaries, this service addresses the growing demand for digital transactions, especially post-pandemic, with over a billion U.S. documents notarized annually. More than 40 states have legalized Remote Online Notarization, enhancing market potential for this service. OneSpan Notary integrates with existing solutions on OneSpan's Transaction Cloud Platform, facilitating compliance and offering comprehensive features such as identity verification and secure videoconferencing. General availability is expected in March 2023.
Positive
Launch of OneSpan Notary taps into the increasing demand for secure digital notarizations.
Built with input from industry experts, serving to enhance security and compliance.
Integration with OneSpan's existing services boosts operational synergy.
Expected general availability in March 2023 positions OneSpan for market entry.
Negative
Intense competition in the digital notarization market may impact market share.
The rollout is dependent on regulatory acceptance in additional states.
Co-created with OneSpan notary customers, the new solution offers a convenient way to notarize documents digitally with the industry’s highest level of security
CHICAGO--(BUSINESS WIRE)--
OneSpan™ (NASDAQ: OSPN), the digital agreements security company, today announced the launch of OneSpan Notary, a next-generation, all-in-one, cloud-connected solution that enables organizations to transform the way notaries and customers complete agreements and notarize documents in a secure and trusted environment. Unlike other industry solutions, OneSpan Notary was co-designed in collaboration with commissioned notaries across industries to ensure security and help achieve compliance with a streamlined user experience. This innovative solution provides a new level of flexibility, making it refreshingly easy for notaries and signers to transition from a cumbersome paper process to complete and trusted end-to-end notarization in the cloud.
With the pandemic accelerating the need for digital business transactions, organizations are seeking more streamlined alternatives for digital and remote document notarization. In the U.S., over a billion documents are notarized annually. Everyday events, such as buying a house, creating an affidavit, or transferring a car title––may all require notarization, creating additional friction in the process. Also, identity theft and fraud continue to rise significantly––scammers target high-value transactions, such as property transfers, mortgages, estate documents, and powers of attorney. Dozens of U.S. state legislatures used the pandemic to pass bills legally allowing for digital or remote online notarization (RON). To date, more than 40 U.S. states have passed legislation for RON. As a result, the demand for highly-secure online notary services has skyrocketed across the U.S., in parallel to the increasing adoption of qualified electronic signature solutions globally.
“OneSpan Notary is a solution that solves real-life business problems,” said Jim Lundy, Founder and CEO of Aragon Research. “As notaries are seeing the volume of digital transactions grow as they transition to digital environments, they face increasingly complex threats. Striking a balance between a highly-secure environment without sacrificing ease-of-use is a real challenge for enterprises today. In a digital economy, the need to do transactions in a virtual manner is increasing and that is one of the reasons OneSpan has introduced its new OneSpan Notary offering to the market.”
“We are focused on developing innovations that both help and protect people––wherever they are––and securing digital agreements from today’s most harmful security threats without negatively impacting the experience,” said Sameer Hajarnis, Chief Product Officer at OneSpan. “This need is so important that we are introducing a pilot program available today to allow notaries to see the future of digital agreements first-hand. After all, people play a critical role in the notarization process. Because notarizations are often a key final step in high-value transactions across the automotive, banking, real estate, legal, and insurance industries, notaries must have undisputed identification of the signers––if they fail to do so, they risk facing civil liability or even losing their notary license. We developed a solution built for notaries, with notaries, that streamlines experiences for all parties, enabling them to connect with customers and complete transactions anywhere in a trusted environment that mitigates fraud and security risks to protect Web3.”
OneSpan Notary is built on top of OneSpan’s Transaction Cloud Platform, assembling services from the full portfolio of enterprise-grade solutions, including e-signature, identity verification, authentication, and secure vaulting used by some of the world’s most trusted and security-conscious organizations. OneSpan also plans to integrate OneSpan Notary with two additional capabilities in OneSpan’s portfolio: Digipass for hardware-based strong authentication and technology from the anticipated acquisition of ProvenDB to bring a higher trust model of notarized assets leveraging blockchain to securely store documents.
Developed for organizations with in-house notaries, OneSpan Notary guides users through every aspect of the customer journey while delivering bank-grade security and facilitating RON compliance requirements that deliver security and trust throughout the entire digital transaction lifecycle.
OneSpan Notary enables organizations to:
Facilitate legally-binding, compliant, and secure signatures in real-time
Offer secure videoconferencing to support multiple signers in different locations (via web browser; no downloads required)
Provide an effortless notarization experience for signers and notaries with guided workflows
Mitigate security risks and fraud with identity-proofing options (ID Verification and Knowledge-based Authentication (KBA) and built-in security controls preventing participants from signing on behalf of others
Record video alongside a unified audit trail that captures detailed events during the notarial session
Utilize notarization capabilities, including the ability to apply a notarial seal and access an electronic journal to collect and securely save information from the online notary session
Ensure that the organization’s brand is front and center at all times (from the email invitation through the signing experience), resulting in a trusted experience
Announced last week, OneSpan’s Transaction Cloud Platform pricing model enables a flexible, simplified, and cost-effective way to help customers deliver business outcomes without overbuying and under-consuming licenses. OneSpan Notary is the newest addition to the platform and pricing structure and allows customers to choose consumption tiers, including unlimited enterprise-wide transaction and user models. It spans the entire digital agreements lifecycle from identifying an unknown signer all the way to securely storing agreements and artifacts. OneSpan Notary is expected to be generally available in March 2023 for US-based customers who employ in-house notaries in eligible states. OneSpan plans to add support for notaries in additional states and countries and enhance the workflow for in-person digital notarization throughout 2023. A pilot program is available for qualifying organizations to access the latest capabilities of the solution. For more information about OneSpan Notary, visit here.
About OneSpan
OneSpan helps organizations accelerate digital transformations by enabling secure, compliant, and refreshingly easy customer agreements and transaction experiences. Organizations requiring high assurance security, including the integrity of end-users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by global blue-chip enterprises, including more than 60% of the world’s largest 100 banks, OneSpan processes millions of digital agreements and billions of transactions in 100+ countries annually.
For more information, go to www.onespan.com. You can also follow @OneSpan on Twitter or visit us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our plans and expectations regarding: the timing of general availability for OneSpan notary; potential future plans, features, use cases, and integrations for OneSpan Notary; and the anticipated acquisition of ProvenDB, which has not yet been completed and which is subject to certain closing conditions. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", “expect", "intend", "continue", "outlook", "may", "will", "should", look forward” "could", or "might", and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to the factors described in the “Risk Factors” section of our Annual Report on Form 10-K, as updated by the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Our filings with the Securities and Exchange Commission (the “SEC”) and other important information can be found in the Investor Relations section of our website at investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by law.
Investor contact:
Joe Maxa Vice President of Investor Relations
+1-312-766-4009
joe.maxa@onespan.com
Source: OneSpan Inc.
FAQ
What is OneSpan Notary launched by OSPN?
OneSpan Notary is a new cloud-connected solution that enables secure digital notarization of documents, designed to meet growing market demands.
When will OneSpan Notary be generally available?
OneSpan Notary is expected to be generally available in March 2023 for organizations with in-house notaries in eligible states.
How does OneSpan Notary enhance security for notarizations?
The solution includes features like identity verification and secure videoconferencing to mitigate fraud and ensure compliance.
What market need does OneSpan Notary address?
It addresses the rising demand for remote online notarization, especially following the pandemic, with over a billion notarizations occurring annually in the U.S.
How does OneSpan Notary integrate with existing services?
OneSpan Notary is built on the Transaction Cloud Platform, combining e-signature, identity verification, and authentication services.
