Enacomm and VoiceVault Provide Voice e-Signature Solution
Enacomm and VoiceVault have integrated their technologies to create Voice e-Signatures, a product that enables identity verification via phone or smart device for obtaining and storing customer electronic signatures.
The solution relies on VoiceVault's voice biometrics with the Enacomm Voice Authentication (EVA) and Enacomm E-Signature applications.
"VoiceVault owns the application. Enacomm built a stand-alone application for voice verification," says Michael Kirk, vice president of channels and alliances at Enacomm.
"The application uses a voiceprint to verify that you are who you say you are," he adds. "It's a key for higher security and fraud protection today."
Voice e-Signature integrates into existing interactive voice response (IVR) systems and supports interactions via phone, Web session, or mobile app. During the collection of a voice e-signature, the IVR or live agent issues the necessary legal disclaimers and then asks the customer to repeat a few words, phrases, or number sequences that are used to form the voice print that is ultimately stored with the full recording of the call. Once the process is complete, the agent receives a confirmation of the transaction.
"That is enough to be considered a valid, legally binding voice signature," Kirk explains.
The system, he adds, can store the voice file and accompanying call recording for up to 10 years if needed for court proceedings or other legal challenges.
"Financial institutions, insurance companies, medical practices, and other organizations often require a customer or patient signature acknowledging a legal disclaimer or even a sale," said Michael Boukadakis, CEO of Enacomm, in a statement. "Compared to the traditional process of mailing forms for customers to sign, then filing and managing them once returned, Voice e-Signature is extremely efficient, enabling one-shot telephonic enrollments. Voiceprint biometrics, versus static digital or analog recordings, ensures a higher level of security and is a sounder defense in the case of a legal dispute."
Voice e-Signatures eliminate the risk of documents being lost, stolen, or compromised during a paper-based authentication process, Kirk says. They are considered legally-binding by the American Bar Association and comply with the U.S. E-Sign Act, Health Insurance Portability and Accountability Act (HIPAA), the Food and Drug Administration's Code of Federal Regulations, and European Union Directive 1993/93/EC.
"The company doesn't lose the customer through the mail process," Kirk says.
"Voice e-Signature offers an easier, safer, and more affordable way for organizations to collect customer or patient consent forms," said Julia Webb, vice president of sales and marketing at VoiceVault, in a statement. "By implementing this technology, companies evolve their process, secure operations, and embrace the future."
Kirk agrees. "We're very bullish on voice biometrics for a number of applications," he says. "We're seeing a growing acceptance of the technology and an increasing awareness of fraud and the need for fraud prevention as driving forces for these applications going forward."
And though there are a number of biometric modalities available, from fingerprints to facial recognition and iris scans, voice is the easiest to use. "The voice is ubiquitous, and companies don't need special scanners or other equipment to use it," Kirk says.