Homegrown electronic signature and ID verification specialist Annature has launched a fully integrated identity verification solution powered by Stripe.
Annature chief executive Amreeta Abbott said this is a groundbreaking development for the company.
“We are particularly proud of the new integration of e-signing and Stripe identity verification into the same workflow, providing greater value in lightning-fast seamless, secure service,” she said.
Previously, Annature had integrated Stripe payment, billing and invoicing technology.
Ms Abbott said Stripe was ideal for continued development of Annature’s billing and subscriptions engine because it easily embedded payment – and now ID – software into Annature’s workflow.
Hayley Hopwood, head of growth for Australia and New Zealand at Stripe, said e-signing was swiftly becoming the norm as the world became more digital.
“Like many other digital transformation trends, e-signing accelerated especially during covid lockdowns when it was near impossible to get the right people in your office to put pen to paper and sign documents,” Ms Hopwood said.
“We are thrilled to see Annature’s solution, powered by Stripe Identity, enable businesses of all sizes to confidently, securely and quickly verify their user’s identity with e-signatures.”
Annature moved to provide identity verification after Stripe successfully launched its Identity product.
Ms Abbott said by using Stripe’s well-documented platform, the firm was able to easily embed its powerful ID and payment APIs into the e-signing process.
“We are now able to provide a complete contract execution experience of the kind required by many fintech, insurance and other companies,” she said.
“It’s not often that you’re able to plan such a big component to an application and have everything go to plan with no surprises. That’s because Stripe works perfectly. It does a huge amount automatically, behind the scenes.”
The pandemic has accelerated the shift towards digital onboarding and some forecasts expect the global market for identity verification to grow by more than 20 per cent over the next five years, with almost 4 billion digital identity verification checks conducted annually by 2026.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.