German peer to peer lending auxmoney is now offering its customers the ability to borrow legally by using an internet video ID and digital signature. Germany’s largest online lender has partnered with IDnow eSigning to update their process. Germany maintains a very strict application process so incorporating a completely digital application process is a significant step for auxmoney.
“With IDnow eSign we create for our customers a completely digital application system … From the loan request through to contract all steps can be performed digitally. The way to credit is now available for more people more quickly and easily, “explains auxmoney-COO Arie Wilder.
As an alternative to the previous method, it is no longer necessary to print a digital identity verification and use a handwritten signature and then perform a “PostIdent” at a post office and send the contract by mail to the bank. Instead, the borrower can check their identity via video chat comfortably from home. Sure, a webcam is necessary alongside a valid identification but these two things are ubiquitous.
After completion, IDnow receives the signed contract as a PDF document in real time. IDnow eSign is said to have the highest safety standards and is as legally binding as a handwritten signature of the contract and meets all requirements of the EU regulation eIDAS ( “Electronic identification and trust services”).
Michael Sittek, Managing Director at IDnow, said the combination of auxmoney and IDnow eSign creates the perfect user experience.
“This shows once again how innovative and customer focused the Düsseldorf company is. “