26The number of transactions using electronic signatures is growing, even though the number of companies offering the service is shrinking.

That’s the key takeaway from a new report out that is forecasting growth for the electronic signature market. The estimates are particularly interesting in light of DocuSign’s announcement last week that it raised a whopping $233 million in venture capital. Forrester Research estimates that the electronic signature market is seeing an average annual growth rate of 53 percent, with transactions estimated to grow from 210 million in 2014 to 700 million in 2017.

In an interview Forrester VP and Principle Analyst Craig Le Clair he said DocuSign, which has offices in San Francisco and Seattle, is the market leader followed by Adobe, but that the number of players is quickly decreasing. “There’s been a lot of consolidation in the market, and every pure play has been bought by someone,” he said.

Le Clair said “If you do the math there’s no way the amount of money put into DocuSign could be justified doing the signature part of the process”.

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devicesSweden, 21 April 2015: XMS Penvision a leading global provider of mobile data capture based on smartpen and tablet technology today announced the addition of Sign@ and Sign@Work Signature Verification to its award winning forms creation and capture platform, Formidable.

Signatures are still widely used in many business processes as a form of identification or to approve and accept legally binding documents. Conversely, due to the increase in identify theft, Signature fraud is a growing issue that needs addressing. Spotting fraudulent signatures with the naked eye is difficult, time consuming and prone to error at the expense of the organisation.

With Sign@ and Sign@Work customers and/or employees signatures are registered and any further signatures are automatically analysed in different dimensions biometrically on any hand written paper form or document. If a signature is flagged as possibly fraudulent immediate action can be taken to further assess the risk. This reduces the reliance on human intervention, speeds up the process and significantly reduces the risk of fraud.

As Daniel Segui, Director of Product Development at XMS Penvision explains “Many existing signature verification solutions depend on a dedicated signature pad placed strategically for users to sign upon. The Formidable solution simplifies the complexity and cost of this approach dramatically. We offer organisations the ability to let customers and staff write as they do now with a ball point smartpen that records securely and transmits the signature for immediate verification. All this is driven by our award winning Formidable digital writing platform that is globally deployed.”

Formidable is the most used digital writing platform deployed globally across 40 countries. Formidable provides a simple web-based platform that enables the set up, completion and output in digital format of business forms and documents. Leveraging industry-leading MyScript handwriting recognition technology, handwritten input is captured and converted to digital text at the point of entry on either tablet/smartphone screens or normal paper via a digital/smart pen.

As VP of Global Sales at XMS Penvision, Tarek Ghouri explains “Applications where Sign@ and Sign@work can prevent fraud and speed up processing are typically centered around processes where paper needs to be left or completed such as financial agreements, credit agreements, social benefit payments, insurance documents, contracts and legal documentation. Most of these can be found in banking, finance, compliance, telco, insurance and Government sectors. We believe we have brought those critical processes a viable and exciting alternative to traditional signature verification methods and technologies.”

About XMS Penvision and Formidable

Established in 1996, XMS Penvision is an innovative Swedish software company specialising in data capture through digital writing. Its award winning Formidable platform allows users to set up forms and complete them with a smartpen or tablet. Due to its mass business appeal Formidable is widely used across 40 countries in most verticals. Sign@ and Sign@Work were developed around technology from SIGNificant which was tightly integrated in to the Formidable platform.

About SIGNificant

SIGNificant helps you to reduce document turnaround time from days or hours to minutes. The SIGNificant platform provides you with the user interface and tools needed to define an optimal e-signature process and user experience. Whether for signature pads, interactive pen displays, mobile devices or Web-based signing, the platform’s building blocks make it easy to pick and choose the best combination of e-sign solutions and signature capturing devices for each use case..

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SIGNificant Signature Solutions

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