MOXIS in finance.
Raiffeisen Bank International (RBI) has been working with electronic signatures in its corporate business for two years now. The internationally positioned company has accelerated its digitisation agenda due to corona and rolled out MOXIS to other internal and external processes. Austria’s second-largest bank took the video ID process for obtaining digital identities into its own hands right away.
For RBI, the electronic signature with MOXIS has proven to be an investment in a future that happened faster than expected. “If we hadn’t started implementing MOXIS a year before Corona, the further roll-out at RBI would certainly not have been as fast and successful. We were able to implement it with the support of XiTrust within just 48 hours!” says Alexander Zupancic. As project manager for electronic signatures at RBI, he has been in charge of the entire signature project from the very beginning.
»A traditional focus of RBI is the Central and Eastern European business. Due to the EU-wide harmonisation of electronic signatures in the course of the eIDAS regulation, we are on the safe side with MOXIS.
Mag. Alexander Zupancic
Project Lead, Raiffeisen Bank International AG
The initial idea was to enable account openings with electronic signatures. To this end, the company not only integrated the external signature with MOXIS into its in-house system landscape. With “my Raiffeisen”, a corporate platform was set up that offers comprehensive digital services. The contact restrictions resulting from last year’s lockdown put the long-term digitalisation strategy to the test “overnight”. Zupancic: “We knew that we had to take action quickly to ensure our ability to act as an internationally positioned banking institution.”
High acceptance
Electronic signatures quickly took center stage in this process. In fact, the alternative of paper-based signature processes would not have been practical. In case of doubt, Zupancic says, one would have had to go “all the way across Austria” to obtain them. “Since, in the end, almost every transaction is made by a signature, there was no alternative to electronic signatures for us. And with MOXIS, I have a full overview of the quotas at all times.”
The fact that MOXIS is not viewed internally as a mere “fire department” in a business environment complicated by Corona is demonstrated by its high level of acceptance. After returning to presence mode from the home office, employees have stuck with electronic signatures. MOXIS is now running in eight RBI branches and is being rolled out further.
200 MOXIS coordinators
RBI has retained the solution for external signatures for account opening when rolling out to other processes. Any signature, including those for internal purposes, will continue to be obtained externally via email. “The concept of inviting signatures by mail had proven itself, and we saw no reason to change it in the course of the further roll-out,” explains Alexander Zupancic.
Internally, the finance company has now issued 200 MOXIS licenses to so-called “coordinators”. These are the people who initiate the electronic signature processes with MOXIS in-house. The range of electronically signed documents has expanded significantly with the extensive use of electronic signatures. “Today, MOXIS is used in a wide variety of RBI contracting transactions. Whether they are customer contracts, supplier contracts or provider contracts. In addition, there are board documents,” explains Zupancic.
Legally secure in Europe
RBI carries out the video identification procedure for their customers in-house. This is a novelty, as companies usually use external providers for issuing digital identities. The aim is to offer RBI customers who want to work with qualified electronic signatures the best possible service right from the start, thereby avoiding longer waiting times at the screen, for example. The signature concept must also function in a legally secure manner internationally, for which qualified electronic signatures in the EU are the best prerequisite. Zupancic: “A traditional focus of RBI is the Central and Eastern European business. Due to the EU-wide harmonisation of electronic signatures in the course of the eIDAS regulation, we are on the safe side with MOXIS.”
Raiffeisen Bank International continues to invest in digitalisation not only in Austria, but throughout its entire Group. Why this path is being followed so consistently is also due to the positive experience with MOXIS and the support of XiTrust. Alexander Zupancic: “MOXIS has proven to be a powerful accelerator. After the initial integration, the roll-out to other Group units was easy. This has confirmed us in our course.”
Christoph Schomberg, Senior Editor at XiTrust
