The digital transformation in the UK has led many companies to accelerate their processes by using e-signatures.
In particular, companies that operate worldwide see enormous advantages: in the financial sector, around £4.6 trillion of UK assets come from international sources, and 68% of London insurance premiums are generated by overseas markets. The introduction of digital signatures makes it easier to comply with country-specific requirements, drastically reduces processing times and saves an average of 20-30% of previous costs, making UK companies more competitive internationally.
More and more companies are making overseas sales
Many British companies generate a significant proportion of their sales internationally. The financial sector is particularly global: a large proportion of the assets of British asset managers – around £4.6 trillion – come from abroad. Similarly, insurance companies in the London insurance market generate around 68% of their premiums from overseas markets, which emphasises the international orientation. Companies such as IFX Payments, which operate in the field of international payments, offer services in over 120 countries and enable the cross-border transfer of money in up to 90 different currencies.
However, this internationality brings with it major challenges. Not only do companies have to meet different regulatory requirements, they also have to deal with country-specific compliance requirements and legal hurdles. One example is the often required formal verification of documents and signatures, which requires additional time and resources, especially for important decisions and cross-border transactions. Furthermore, regulatory differences in different countries cause delays and complicate the uniform implementation of international business processes.
More efficient collaboration in an international environment
For companies operating internationally, traditional document processing often represents a significant obstacle. When British companies work with foreign partners, delays often occur due to the laborious process of exchanging documents and the requirement for certified signatures. Every legally binding agreement must be sent by post or signed in person, which results in delays and additional postage costs. The introduction of an online signature offers a clear solution here, as digital platforms make it possible to exchange documents quickly and in a legally secure manner. These systems reduce the administrative burden and enable efficient collaboration across national borders.
The legal certainty of digital signatures in the United Kingdom
Digital signatures have a clear legal basis in the United Kingdom. According to the Electronic Communications Act 2000 and the standards of the Electronic Identification and Trust Services Regulation (eIDAS), electronic signatures are legally binding and meet the high requirements for document security. These regulations ensure that digital signatures are legally valid and secure as long as they comply with the established guidelines. Digital signatures offer protection against forgery through the integration of encryption and certificates. Using software that complies with the eIDAS standards allows companies to obtain the same legal safeguards as with physical signatures.
Practical application: training and security
The introduction of e-signatures often requires training for employees so that they are familiar with the technology. Many companies use e-learning platforms for this purpose, which provide training modules for digital signing processes. The systems are intuitive and can be integrated into existing workflows, which increases acceptance within the team. Companies ensure that employees understand basic security aspects such as identity verification and data protection.
Cost reduction and environmental benefits through online signatures
The digitisation of signature processes brings significant savings for British companies, both financially and environmentally. The elimination of paper and printing costs reduces operating costs by an average of 20 to 30%. In practice, this not only saves material and shipping costs, but also reduces the dependency on human resources in administrative areas. According to a study by the UK government’s Department for Digital, Culture, Media and Sport, switching to electronic documents – such as the ‘Electronic Trade Documents Bill’ – could save millions of pounds a year, particularly by reducing administrative time and manpower requirements.
The UK Chamber of Commerce actively supports this development and offers companies tools, such as the eCert system, for fast digital certification, which enables an additional increase in efficiency. The switch to digital solutions could thus contribute up to £1.14 billion to the UK economy, as it drastically reduces processing time per document, in some cases from several days to just seconds.
Read more:
The Key Business Advantages of Adopting E-Signatures in the UK