Buy Way Accelerates Retail Lending Process with OneSpan Sign E-Signatures
CHICAGO and BRUSSELS – June 17, 2019 – OneSpan™, a global leader in software for trusted identities, e-signatures and secure transactions, today announced that Buy Way, a leading Belgian consumer lending provider, has implemented OneSpan Sign e-signatures to speed up contract signing in its point-of-sale (POS) lending process. Using OneSpan Sign helps Buy Way reduce costs and improve the buyer experience by providing a completely digital lending process in-store for its range of large retailers, including MediaMarkt, Fnac and Switch (Apple Premium Reseller).
As part of a broader automation and digitalization initiative, Buy Way selected OneSpan Sign to digitize and secure the agreement process and eliminate manual paper-based processes, including background checks and multiple signatures, at the POS. With e-signatures, the buyer is now able to securely sign the lending agreement digitally, using a one-time password sent by SMS, while a signed copy is e-mailed to all parties to reduce back-office administrative work. Consumer loans are then granted in less than 10 minutes instead of a few days.
“The in-store credit process is being disrupted to meet consumers’ demands for fast and seamless service,” said Buy Way Project Manager, Etienne Leissner. “Buy Way has risen to the challenge and implemented a company-wide digital vision of which e-signatures are a part. Thanks to the technology’s cost effectiveness, ease of implementation and ability to scale enterprise-wide, e-signatures are a good starting point for our digital transformation.”
“OneSpan has extensive experience in financial services and other compliance-heavy industries,” said OneSpan Senior Vice President of Global Sales, Dan Dica. “We know how to help our customers pinpoint areas to improve the customer experience and reduce administrative time and costs. Our technology enables them to digitize and streamline processes, so they can focus on their business while meeting regulatory compliance requirements.”
Financial institutions extending digital consumer loans in the European Union are subject to regulatory compliance measures, including the Electronic Identification Authentication Trust Services (eIDAS) regulation. OneSpan Sign meets eIDAS requirements for advanced and qualified e-signatures. For those looking to find out more about eIDAS-compliant e-signatures, please visit https://www.esignlive.com/resource-center/eidas-e-signature-legal-perspective.
About Buy Way
Active for over 30 years, and independent for almost 10 years, Buy Way is a Fintech and leader in consumer credit at points of sale in Belgium and Luxembourg. In addition to its historic activity in the Retail, the company offers financing and credit solutions to clients active in financial services and/or service sectors. Buy Way is specialised in Business Process Outsourcing (BPO) on behalf of third parties active in the financial sector. The company has its headquarters in Brussels and counts more than 150 professionals of 13 different nationalities. Its mission is threefold:
- Present financing solutions
- Offer innovative products to optimise the purchase experience
- Connect closely with the client and seller in order to offer personalised services for each and every file/case
Today, the company steers into digitalisation and paperless services by offering innovating solutions with regard to e-signing and e-organisation for e-commerce. Buy Way belongs to Chenavari Investment Managers, a management company active in the funding and credit markets. For more information, please contact www.buyway.be.
OneSpan enables financial institutions and other organizations to succeed by making bold advances in their digital transformation. We do this by establishing trust in people’s identities, the devices they use, and the transactions that shape their lives. We believe that this is the foundation of enhanced business enablement and growth. More than 10,000 customers, including over half of the top 100 global banks, rely on OneSpan solutions to protect their most important relationships and business processes. From digital onboarding to fraud mitigation to workflow management, OneSpan’s unified, open platform reduces costs, accelerates customer acquisition, and increases customer satisfaction. Learn more about OneSpan at OneSpan.com and on Twitter, LinkedIn and Facebook.
Copyright © 2019 OneSpan North America Inc., all rights reserved. OneSpan™, DIGIPASS® and CRONTO® are registered or unregistered trademarks of OneSpan North America Inc. and/or OneSpan International GmbH in the U.S. and other countries.
Frauke De Graeve
Public Relations Manager
+32 497 14 80 47
Global Director of Corporate Communications
Alain De Deken
Public Relations Manager
+32 478 27 04 17