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French Banks Join With Messaging Companies To Offer New Electronic Signature Method

In a move to replace traditional transmission of payment instructions, requiring manual or electronic personal signatures from both parties, a new technology will enable corporations to send personally signed payment files to their banks by SWIFT's FileAct service for the

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In a move to replace traditional transmission of payment instructions, requiring manual or electronic personal signatures from both parties, a new technology will enable corporations to send personally signed payment files to their banks by SWIFT’s FileAct service for the first time.

SWIFTNet teamed up with Trax, a financial message processing platform provider, to develop the electronic signature service.

The first company to utilize this service is Yves Rocher, a botanical beauty care firm. It will allow the French company to apply two electronic signatures to payment files which are then delivered to their banks by SWIFTNet using FileAct.

“We saw the benefits of FileAct immediately, but needed to maintain the traditional practice of double signatures,” said Laurent Delauriere, director of treasury for Yves Rocher.

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