Still reliant on paper processes? It’s time to pull the plug

Featured

Stop allowing paper processes to drain your business of money and your employees of productivity, and start reaping the benefits of digital.

Doing business in today’s fast-paced, digitally charged world is nothing short of dog-eat-dog. Companies simply have to be able to operate optimally at all times – or risk being devoured by competitors.

Fortunately, with the Digital Revolution now in full swing, state-of-the-art technology and software make it easier for business owners to keep their eyes on the prize at all times, by ridding operations and employees of distractions and impediments to productivity.

Of course, there are productivity drains that remain – and one of the biggest and perhaps simplest to mitigate these days, is paper.

If your company’s processes are still primarily paper-based, you are putting serious – and unnecessary – strain on your business. It’s a proven fact: Relying on manual methods and paper to complete business processes not only hampers productivity, it is also a huge drain on resources.

Think about this: how much time do your employees spend searching through cabinet upon cabinet of paper records to find the document they are looking for? And how much easier and faster could this process be, if the documents were digitally archived, able to be indexed at the touch of a few buttons or with a few clicks?

Imagine employees no longer had to spend their time printing, filing and sorting paper documents, and could rather use their time constructively, while at the same time cutting out some of the physical costs associated with outdated paper processes.

And how much time, money and physical office space could you save if you were to replace paper with the cloud? Consider costs of not only paper itself, but associated costs like printing and courier expenses.

Going beyond the advantages of digital business processes for your business internally, the ability to offer the very lifeline of your business – your customers – speed, security and innovation, is priceless. It’s a well-known fact that today’s customer wants speed and simplicity – which is exactly what digital offers, from onboarding processes to instant finalisation of agreements and contracts online.

Today, it’s no longer a question of whether to go digital, but of when to go digital. And the answer is now. Stop relying on processes that consume resources and drain productivity – and start enjoying the software at your disposal, the digital resources that enable you to streamline operations and elevate your company’s reputation.

New fintech partnership to escalate RapidLEI growth in South Africa

Featured

Innovative new partnership sees LEIs encapsulated in digital signing applications.

South Africa-based customer communications company, PBSA, and UK-based Legal Entity Identifier (LEI) innovator, RapidLEI, today announced a strategic partnership that will see PBSA become a regional Registration Agent (RA) for RapidLEI as well as build LEI support into its signing solutions.

RapidLEI was launched in 2018 by Ubisecure and has been taking the world by storm through a growing network of global partners, with PBSA representing the next stage in this continued expansion. RapidLEI’s pioneering automatic LEI issuance process sees it reduced from a few days to a few minutes. With regulation mandating the use of LEIs and new use cases now benefitting from the identity assurance LEIs can offer, this G20-endorsed organisation identifier is already achieving mass adoption and shows no sign of slowing down.

PBSA, as a RapidLEI Registration Agent, will meet client demand for LEIs in South Africa, as well as offering LEIs in other regions they are expanding to, such as Europe and the USA, via their SigniFlow brand.

The RapidLEI solution makes LEIs available through a SaaS service or API. The API allows third party developers to build same-session LEI issuance into their applications, which will be used to its full extent by PBSA in the first stage of this collaboration. While strong identities like BankID & eID are beginning to be used to digitally sign documents, this new partnership adds organisational identity to the digital seal in the form of an LEI. Encapsulating the LEI in the company seal gives the other party the opportunity to check identities against a live global company database – verifying which company signed this document, and also their parent company/group structure.

After this initial phase of the partnership, PBSA and Ubisecure plan to collaborate further on additional pioneering identity assurance solutions. Ubisecure will be launching new services in the coming weeks, where LEIs are central to new organisation Identity Provider (IdP) solutions for advanced KYC (Know your Customer) and RtX (Right to Represent). These cutting-edge services will help enterprises to reduce fraud, lower compliance costs and create new products using verified organisation identities.

Leon Van Der Merwe, Director at PBSA, says “We’re very excited to bring Ubisecure’s pioneering approach to digital identity to the South African market and beyond, and have our global customers benefit from strong organisation identities offered by our signing solutions. Our long-held ideals of collaboration, integrity and accountability go hand in hand with what the LEI stands for – trust in who you’re doing business with.”

Paul Tourret, Corporate Development Officer at RapidLEI, says “We are incredibly honoured to be collaborating with the largest South African signing/workflow provider to connect the LEI ecosystem to the signing ecosystem, and we see a lot of potential to further enhance online trust with LEIs and the Ubisecure IdP services as we connect the various ecosystems together. We see this collaboration being the start of a dramatic shift in how LEIs are used in modern digital transactions.”

Find out more about LEIs at www.rapidlei.com, or get in touch now.

About PBSA

With a rich history of innovation dating back over 90 years, PBSA (formerly Pitney Bowes SA) is a leading customer communications company, offering software, equipment and services to help companies improve operational efficiencies and connect with their customers in more meaningful ways.

Based in Midrand, Gauteng, PBSA understands both hardware and software solutions and is optimally positioned to provide a secure, committed support infrastructure to its international customer base. The company’s solutions help companies engage customers, gain business insight, manage document workflow and ultimately optimise overall business performance.

Visit www.pbsa.co.za to learn more.

PBSA LEI: 984500S5591EMD8BCB56

About SigniFlow

Created in South Africa by a team of passionate Johannesburg-based IT minds, SigniFlow is a core workflow, digital document management and cryptographic digital signature engine that works, either on its own, or fully integrated with existing core business systems.

SigniFlow uses the most advanced and trusted digital signature technologies known to man, enabling powerful workflow functionality and ease of document distribution to automate any business process.

SigniFlow has a team of cryptographic experts, experienced engineers and business process automation architects to assist businesses in their digitalisation journey.

About Ubisecure & RapidLEI

Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.

For more information please visit www.rapidlei.com or www.ubisecure.com

Ubisecure LEI: 529900T8BM49AURSDO55

Paid-up court judgments for bad debt now easier to rescind

CaptureAn amendment to the law that governs how courts treat bad-debt judgments against companies and individuals makes it much easier for these to be revoked once paid up.

Finally some good news for South African companies and individuals that have been affected by court judgments for bad debt: Once paid up, bad-debt judgments will now be much easier to remove.

This comes after an amendment (Clause 14 into Section 23A of the Courts of Law Amendment Act No. 7 of 2017) to the law on how courts handle bad-debt judgments.

As of 11 March 2019, a company or consumer that has settled their bad debt no longer needs to prove to the courts that there is a sound reason for their judgments to be removed. Previously, those with bad-debt judgments against them had to follow an arduous process known as rescission of judgment, which basically means having a judgment revoked.

Rescission of judgment historically involved a lot of red tape, including a lengthy application process and solid justification, and often hefty costs – and after all of this, there was still no guarantee that the court would accept the justification provided, and consent to reversal of the judgment.

Now, a company or consumer simply needs to show that their debt – including any interest and/or costs accrued from the judgment – has been paid in full, and the related bad-debt judgment can be reversed by the court. There is also no longer need to obtain permission for reversal from the party that obtained the judgment originally.

What does the amendment mean for pbVerify customers?

As South Africa’s leading data bureau, one of pbVerify’s priorities and chief services to you, as our valued client, is to allow you to grant credit to customers with complete confidence. This is why we welcome the latest amendment to the Courts of Law Amendment Act.

If you are a business that has customers for whom you have requested bad-debt judgments, the amendment means those customers now have far more incentive to pay up their debt, as this will allow them to have the judgment against their name removed. Previously, many individuals may have shirked paying their debts, because the judgment against their name would still stand.

If you are a business that yourself has a bad-debt judgment, you can now rest assured that, after paying the relevant creditor or originator of the judgement, you can wipe your company’s bad-debt slate clean.

While there are still processes and costs involved – and some feel the move may benefit companies more than individual consumers – it has been lauded as largely beneficial for any debtor that wants to clear their credit record.

[REFERENCES]

  1. Business Insider – Bad debt judgments now easier to overturn with new rescission rules
  2. The Department of Justice and Constitutional Development – Self-help guidelines for Consent Rescission of Default Judgment
  3. RNEWS – New provisions for rescissions of Paid-Up Judgements
  4. Fin24 – Rescission of judgment explained
  5. Parliament (PDF) – Portfolio Committee amendments to the Courts of Law Amendment Bill

 

pbVerify provides an easy to use, web-based system that instantly connects your business to real-time consumer and business information from the four largest credit bureaus in South Africa, the Companies and Intellectual Property Commission, Deeds Office and other business-critical data providers. pbVerify’s business tools enable you to instantly access current and accurate information to assist you in preventing fraud, identifying, tracing and assessing debtors, and effectively managing risk in your business at all times.

Electronic vs Digital Signatures: Defining the Difference

Featured

electronic vs digital signatures EDITED“Electronic” and “digital” are often used as interchangeable prefixes to the word “signature” – but there are vast differences between the two.

We are all familiar with, and have at some stage in our daily goings-on, dealt with the traditional “wet-ink” signature. In today’s digitally-charged world, however, this is fast becoming obsolete as more secure, efficient means of signing documents are developed.

A signature is essentially a means of binding an individual to the contents of a document, by way of an intentional mark. It typically signifies knowledge, approval, acceptance, or obligation.

That may be common knowledge, however, the advent of the digital signature has turned the humble handwritten signature on its head, introducing a number of new (and entirely exciting) facets, including a whole new set of terminology.

A digital signature, in its base form, is a digital code created and authenticated by public key encryption, which is attached to an electronic document to verify its contents and the sender’s identity.

But, largely dependent on where you are in the world, “digital” and “electronic” are often confused – or wrongly used interchangeably – in both conversation and law. Often described in unison, digital signatures and electronic signatures individually are different technologies, have different meanings, and they carry different legal weight.

So what exactly is the difference then? Let’s demystify this once and for all…

Electronic signatures: The superficial sign

Also referred to as an “ordinary electronic signature”, an electronic signature is generally defined as “Symbols or other data in digital form (whether it be a sound, process or symbol) attached to an electronically transmitted document as verification of the sender’s intent to sign the document”.

There are many different scenarios here. An electronic signature can be as basic as a scanned image of a handwritten (wet-ink) signature that is copied onto a signed document, in Word for example. Another case of an electronic signature would be your name, typed at the end of an email.

An electronic signature can even be verbal, a simple click of a box, or drawn on a hardware device such as a signature pad.

Given the examples above, it is evident that, by the sheer nature of electronic signatures, these types of signatures are difficult to maintain, and proof of identity, security, authentication and integrity is low.

Electronic signatures do not have the ability to lock documents for editing after the signing process, nor do they carry any active verification capability. This leaves documents signed with electronic signatures wide open to fraud and repudiation.

Digital signatures: The cryptographic mark

As alluded to earlier, digital signatures involve cryptography. They are the most advanced and secure type of electronic signature, and they guarantee the contents of a message or document have not been altered in transit.

A digital signature is also referred to as an advanced or secure electronic signature. It is based on Public Key Infrastructure (PKI) technology, using accredited personal X.509 digital certificates to provide the highest levels of security and universal acceptance.

These electronic signatures on steroids are created using a cryptographic operation that creates a hash-code unique to both the signer and the content, so that it cannot be copied, forged or tampered with.

This process provides strong proof of the signer’s identity, protects the data integrity of the document and provides absolute non-repudiation of signed documents.

Digital signatures can be verified without the need for any special proprietary software. Depending on the document format, the latest versions of free Adobe Reader or Microsoft Office application can verify the signature. Simply click directly on the digital signature to view the properties, signer’s identity, time and reason for signing – all of which are embedded in the document.

When a digital signature is applied to a document, a digital certificate is attached to the data being signed into one unique fingerprint, including cryptographic credentials.

That said, it is obvious digital signatures would carry far more legal weight and be preferable should security be even a slight concern.

In a nutshell, you could say electronic signatures verify documents, whereas digital signatures secure documents.

* SigniFlow only utilises Digital signature technology. Every signature on a document signed with SigniFlow is a Digital signature that carries the unique cryptographic credentials of the signer.

[REFERENCES]  

  1. za – Electronic Communications and Transactions Act, 2002
  2. Michalsons – Guide to the ECT Act in South Africa
  3. Difference Between – http://www.differencebetween.net/technology/difference-between-digital-signature-and-electronic-signature/

Credit bureaus rebut e-toll blacklisting threats

Featured

Etoll picSA’s credit bureaus contradict threats by collection company ETC that non-payment of e-tolls could get road users blacklisted.

Road users need not panic – non-payment of e-toll bills will not get you blacklisted.

This is the firm word from SA’s credit bureaus, in reaction to recent news around e-tolls and default judgments that has sparked a new wave of panic around the government’s embattled highway tolling project.

In a statement last week, the Credit Bureau Association (CBA) stated categorically that road users could not – and would not – be blacklisted for not paying their e-toll bills. “Information relating to e-tolls/SANRAL [SA National Roads Agency Limited] will not be held on the credit bureaus.

“The Transport Laws and Related Matters Amendment Act, 2013, which amended the South African National Roads Agency Limited and National Roads Act, 1998, specifically excludes the levying and collecting of e-tolls from the provisions of the National Credit Act, 2005 and the Regulations thereto, as amended from time to time (“the NCA”).

“Credit bureaus receive, hold, display and remove consumer information in accordance with the provisions of the NCA and accordingly are not able to hold information which is specifically excluded from the provisions of the NCA.”

The CBA, an industry body representing 9 of the 14 registered credit bureaus within South Africa, further stated that any information relating to e-tolls or SANRAL, which had been “inadvertently” loaded onto a consumer profile, would be removed.

“If any consumer is aware that information relating to e-tolls/SANRAL has been loaded to his/her consumer profile, please contact one of the [listed] credit bureaus to lodge a dispute and this information will be removed.”

The CBA represents Compuscan, Consumer Profile Bureau, Cred-IT Data Risk Management Solutions, Experian, Inoxico, Lexis Nexis Risk Management Services, Tenant Profile Network, TransUnion and Xpert Decision Systems (XDS).

What sparked the panic?

The CBA’s setting straight of the record comes after reports last weekend that a Gauteng motorist had been denied credit after being blacklisted for owing R60 000 in e-toll fees.

According to IOL, at least 25 other e-toll defaulters had also been given default judgments. Default judgments arise when a debtor does not respond or defend a summons they have received, and a default judgment automatically means blacklisting.

Shortly after reports of the shock discovery by the Gauteng consumer, Electronic Toll Collection (ETC) – the body appointed by Sanral to collect e-toll fees – said it had applied to the courts for about 1 400 default judgments against road users who had neglected to pay their e-toll fees, and had ignored court summonses.

According to Eyewitness News, ETC chief executive Coenie Vermaak said that over 15 000 summonses had been sent to court for e-toll users who had not settled their e-toll accounts.

 *To read the law that underpins the CBA’s statement first-hand, click HERE.

 [REFERENCES]  

  1. Credit Bureau Association: Consumer information relating to e-tolls
  2. za – Transport Laws and Related Matters Amendment Act 3 of 2013
  3. Eyewitness news – E-tolls collection company applies for 1400 default judgments for blacklisting
  4. Business Tech – ‘Pay your e-tolls or you will be blacklisted’
  5. IOL – E-tolls blacklist shocker for Gauteng resident

China’s social scoring system takes the idea of credit vetting to another level

Featured

 

chinasocialcredit

Picture credit: Kevin Hong

Your credit score makes up a significant part of the whole when it comes to your social status – something we at pbVerify value, and use to promote sound decision making.

 

As SA’s leading credit data bureau, pbVerify knows how important it is – for businesses and consumers alike – to be familiar with their credit history, and well aware of their current credit status. There are good reasons for providing access to credit score information, all of which are aimed at promoting financial health and good business decisions.

The same beneficial system, however, has seemingly seen a more sinister twist, with the well-publicised move by the Chinese government to take it to a whole new level – one that instils fear, rather than protecting the people it is in place for.

We all know about social status and, whether we like to admit it or not, it is important to us. Nowadays we use social media platforms like Facebook, WhatsApp, Instagram and Snapchat to project a certain idea about ourselves to the world around us – a feature these platforms refer to as a user’s “Status”.

pbVerify specialises in one of the most influential aspects or “scores” that make up a personal status – your credit score. While most consumers are all too familiar with what a credit score means, the implications of a negative score and the importance of knowing your score, the system the Chinese government plans to implement over the next few years, in which every citizen is tagged with a social score, sounds like the makings of a science fiction novel.

China’s Social Credit System (SCS), whereby the government plans to rank its citizens based on their social credit, is due to be implemented in full by 2020, although its wheels are already well in motion. It basically allocates each citizen a social score card based on – among other things – their credit history, behaviour, philanthropic contributions and even outlook on life and events. The government will garner this information based on citizens’ accounts and network activities.

Going forward, this social credit score will be used to rank citizens and reward – or punish – them accordingly. Some of the implications include travel bans, exclusion from top schools (for kids of parents with low credit scores) and from certain jobs, slow internet connection, exclusion from hotels, and even registration on a public blacklist.

In development for some time already (reportedly conceived around 2014 in its current form) and set in motion in earnest in late 2018, China’s SCS has already seen millions of Chinese citizens prohibited from travelling, with a reported 1.75 million air ticket purchases, and 5.5 million train ticket purchases denied last year.

While China claims its aim with the SCS is to enhance trust and social stability by creating a “culture of sincerity”, most are less optimistic about the system’s ultimate goal, with many referring to it as an Orwellian Dystopia, and calling it “nightmarish”.

The jury is sure to be out on this one for some time, at least as far as the general public goes. If nothing else conclusive for now, it does go to show the weight social scores – or statuses – can hold.

We are all about empowerment

At pbVerify, we pride ourselves in providing a service that is accessible, easy to use – and above all, beneficial to our customers. Our focus is on empowering our customers every step of the way, by imparting knowledge that enables sound, intelligent financial decisions.

We constantly strive to put the power squarely in the hands of local businesses, to enable them to quickly and comprehensively make informed decisions with regard to the customers they onboard.

To this end, we recently bolstered our TransUnion Business Report with Quick Vet 4 Business (QV4B) – an instant online tool that enables credit vetting decisions in a matter of seconds.

Granting credit to new customers does not need to be a long, complicated process. Read HERE for more on how QV4B can speed up your business’s decision making and credit granting processes, giving you more time to attend to the things that matter most.

For more information or to speak to a pbVerify consultant call 010 300 4898 or email support@pbverify.co.za.

[REFERENCES]

  1. Wikipedia – Social credit system
  2. ABC Australia – China uses social credit surveillance system to ban millions from buying plane and train tickets
  3. Opploans – For people with bad credit, China’s ‘Social Credit’ scores sound like an actual nightmare
  4. Wired – Big Data meets Big Brother as China moves to rate its citizens
  5. Wired – The complicated truth about China’s social credit system
  6. pbVerify Blog – pbVerify bolsters credit risk management portfolio
  7. TransUnion – Quick Vet 4 Business

 

To renovate, or not to renovate – is that even a question?

Featured

pbartisan renovations picRenovations aren’t easy, yet so many people insist on going through the process…There are good reasons why.

Like moving house, renovating a home is not easy – in fact it can be downright disruptive and stressful. So why do so many people put themselves through it? And why is the trend of home renovation growing in popularity, among young and old alike? The answer is simple: the benefits by far outweigh any inconvenience homemakers need to temporarily endure.

Pam Golding Properties manager Jonathan Davies says there is a strong argument for investing in alterations to a home. “These are likely to add value to what is the largest investment you are ever likely to make. With careful planning, developing a well-situated property over time can make sound financial sense, as it optimises the investment, resulting in improved property prices. There is also much one can do to improve one’s property that does not require a massive outlay in financial resources,” says Davies.

Besides the obvious benefit of adding monetary value to a home, there are a number of other reasons that make renovations such a popular option. South Africans in particular, are keen renovators. They will jump at any given opportunity to extend, redesign, redecorate or just relatively improve their living space.

And it’s no wonder, given the outdoor and sunshine bonanza we enjoy as a country, the world is really our oyster when it comes to making our homes beautiful. On top of that, a house is most likely the single biggest investment you will ever make, and any improvements you make on your biggest investment, equal both further future investment and immediate benefit.

Some of the immediate and short-term benefits include an enhancement of comfort and enjoyment for you and your family, experiencing a fresh new environment (they say change is as good as a holiday), pride in your place of abode when friends and family visit, and the satisfaction of knowing your home is your home, in every way – one that you envisioned, planned and created yourself. Renovations give you the opportunity to literally make your dreams come true.

Of course, it does not stop there. There are also the longer-term, financial rewards that come with renovating your home. If your property is an investment property that you are renting or want to rent out, you will be able to get far better returns.

If, on the other hand, you are there to stay, not only do renovations mean you can avoid the lengthy and stressful process of house hunting, making an offer to purchase, getting finance and, finally, uprooting to a new home, but they mean absolute peace of mind in the home you have, and plan to keep.

Make your dreams a reality

pbArtisan, PBSA’s renovation, maintenance & development division, burst onto the property scene in 2018, with a vision of revolutionising the market through its fresh, professional and bold approach of bringing white collar services to a blue collar industry.

Specialising in building maintenance, residential and commercial renovations, additions and new buildings, our team of professional, highly skilled artisans are passionate about taking homemakers’ dreams and making them a reality.

Our graphic designers bring your ideas to life with beautiful interior and exterior 3D drawings of your project. This allows you to personally plan the end-product upfront, in as much detail as you wish. You can come up with your own colour schemes, tiles, wall and ceiling finishes or any interior and exterior design you have in mind, and our team will detail your vision.

Best of all, is our pledge to you, our valued customer – all our workmanship is 100% guaranteed.

Why wait? If you would like to make the house you live in a home, contact us.Visit www.pbartisan.co.za or call us on 010 300 4892.

pbArtisan is a registered home builder with the National Home Builders Registration Council (NHBRC) in terms of the the Housing Consumers Protection Measures Act, 1998 (Act No.95 of 1998).

REFERENCES

  1. Forbes – New Study Shows How Much Millennials Are Spending On Home Renovation
  2. Statista – Home Improvement – Statistics & Facts
  3. BusinessTech – Should you invest in renovating your home?
  4. Property24 – Top 10 reasons to renovate your home