20 Banks Adopt E-Signature Service in Cooperation with I-Score: FEB

Abdel Hamid Soliman, President of the Technology Committee of the Federation of Egyptian banks (FEB) revealed that the FEB has finalized E- signature draft with The Egyptian Credit Bureau “I-Score”, explaining that 20 banks have already applied the new system.

Soliman has informed Amwal Al Ghad that the new system will allow for the banks to register their E- signature on behalf of the bank and it will use instead of the traditional signature.

He added that each bank from the banks which operating in the banking sector has E-Signature  draft in order to contract with various transactions and deals whether locally or internationally.

He said the current E-Signature draft will let the customers or the employees to register the signature of the Egyptian Credit Bureau “I-Score”  maintains a database of credit information for SMEs and consumers. Authorized users (I-Score members) will be entitled to access I-Score database to carry out creditworthiness checks on consumers. I-Score now holds more than 95% of credit data of individuals and SMEs from commercial banks in Egypt as of Dec 2011, thus providing a clear indicator to the lending community and therefore honoring its promise of “Delivering Trust” to the financial community.

This draft will help the banks to change the signature in case of any emergency conditions , adding that the draft will save time and effort by the banks in the case of dealing in that traditional signature ways, explaining that the mechanization of all bank transactions one of the goals sought by the FEB through transferring all the technological developments worldwide to be applied in Egypt.