Privy Boosts Electronic Document Transactions Through the Launch of E-stamp

Digital signature provider startup Privy has officially launched an e-stamp service that can be affixed to electronic documents. This service is already available in the Privy web app and can be obtained via an API connection.

Founder & CEO of Privy Marshall Pribadi said, this feature is to support the government which is intensifying the use of e-seal in line with the increase in transactions with electronic documents.

Based on his records, Privy has processed up to 400 thousand signatures every day. If half of the signatures use an e-stamp, Privy can contribute to state revenue of IDR 2 billion per day.

“With the integration of e-seal in the Privy system, users will find it easier for electronic documents that require proof of tax payment for documents in the form of stamps,” Marshall said in a press release.

In addition to the e-seal service, Privy also announced that it has obtained WebTrust for Certification Authority (CA) accreditation to strengthen the guarantee of Privy’s digital signature verification strength and data security for its users.

For your information, the WebTrust seal is given to electronic certification providers (PSrE) who pass the audit following the standards of the Canadian Institute of Chartered Accountants (CICA) and the American Institute of Chartered Public Accountants (AICPA).

These standards cover aspects of privacy, security, business practices/transaction integrity, availability, and confidentiality or non-repudiation.

Marshall said that this accreditation is a proof of Privy in managing services by referring to international standards. Especially in the digital era, validation or correctness of identity is an important aspect in communicating and transacting, both for individuals and corporations.

The digital world is also vulnerable to cyber-attacks where the potential for theft of personal and corporate data is enormous. Anyone can be anyone without a verified digital identity.

“Digital signatures, supported by digital certificates that are registered with the Ministry of Communication and Information of the Republic of Indonesia with Webtrust for CA accreditation and e-seal, provide electronic document signing services with full power of proof and legal compliance,” said Marshall.

Electronic Signature Implementation

Data Statista reports that the global digital identity solution market is estimated to be around $23.3 billion in 2020, and is projected to reach $49.5 billion by 2026. In Indonesia, apart from Privy, there are a number of other startups that provide similar services, including Vida, TekenAja, and Digisign.

The growth of this industry is also driven by the increase in cases of identity fraud, data breaches, and government policies related to Electronic Signatures (TTE).

To encourage this implementation, Privy has collaborated with a number of parties in facilitating the data verification process, from opening bank savings accounts and securities accounts, applying for credit cards and fintech loans, insurance policies, to signing lease contracts.

Prior to this, Privy had collaborated with the Directorate General of Population and Civil Registration (Dukcapil). Privy is trusted to process and utilize information to verify data digitally.

Privy has also entered the banking sector by establishing strategic partnerships with several large banks, including Bank Mandiri, BRI, BNI, BNI Syariah, Bank CIMB Niaga, and Bank Mega to simplify the credit card application process by utilizing digital signatures.

Previously Presented PrivyPass Digital Identity Service

Startup company PT Privy Identity Digital (Privy) presents the first digital identity service in Indonesia, named PrivyPass. PrivyPass is here to complement Privy’s previous service, namely a certified electronic signature.

Privy CEO Marshall Pribadi said, PrivyPass provides a convenient, fast, and secure customer registration process. Each PrivyPass user’s identity has been verified to include facial biometrics into the population database, which is administered by the Directorate General of Dukcapil, Ministry of Home Affairs (Kemdagri).

On the other hand, continued Marshall, financial institutions also do not need to repeatedly verify the identity of their prospective customers. The reason is, PrivyPass provides security and protection as well as an easy digital experience when carrying out activities to transactions online.