The Association of Multiple Banks of the Dominican Republic (ABA) has announced that it is now offering its services as a qualified digital signature provider to its members and the financial market. This move is part of the banking sector’s commitment to innovation and digital transformation.
The ABA aims to streamline its services and improve the user experience through this initiative. They emphasize that documents signed using their digital signature have the same legal validity as handwritten signatures, in accordance with the current legislation in the Dominican Republic.
To provide this service, the ABA has undergone audits and validations at both the national and international levels. They have received approval from the Dominican Institute of Telecommunications (Indotel) and digital certificate provider firms, ensuring the legal and technological security of their digital signature service.
The ABA explained that one of the main advantages of electronic signatures is that it enables users to sign agreements and conduct business without needing to be physically present. This means that clients abroad, especially in the United States and the European Union, can carry out banking procedures without traveling to the Dominican Republic.
Before using the digital signature service, individuals will have to go through a digital onboarding or authentication process to verify their identity.
The ABA highlights that both digital signatures and other technologies, such as Machine Learning, Big Data, and Artificial Intelligence, add value to clients and financial institutions. These technologies improve communication, understand customer behavior, and offer products tailored to specific needs.
The ABA emphasized that the use of electronic signatures is not limited to the financial sector but can also be applied to various industries such as commercial, real estate, judicial processes, and public administration.
The implementation and regulation of electronic signatures in the Dominican Republic have been established since 2002, under Law 126-02 on Electronic Commerce, Documents, and Digital Signature, Decree 335-03, and Resolution no. 071-19 issued by Indotel.
Overall, the ABA’s introduction of digital signature services signifies a step towards digitization and efficiency in the banking sector, allowing for remote transactions and reducing operational costs.