Unlocking eSignature Legitimateness for Finance in India with airSlate SignNow

How to eSign a document: e-signature legitimateness for Finance in India

[Music] you're the founder of e signature which is an online portal for shareholders to transfer stock or Securities and obtain a medallion could you explain why someone would need a medallion sure so I come from the stock transfer background I own V stock transfer and we interact with tens of thousands of shareholders and what a medallion guarantee is is that anytime somebody wants to transfer Securities whether it's in an actual certificate form or electronic format if they want to transfer it to someplace else they're required to provide a green medallion signature guarantee stamp and essentially what that does is it lets the transfer agent know that somebody has reviewed the material and this stamp is confirming that this person who signed for it is in fact who they say they are and that they have the authority or the right to sign this type of document so what's unique about doing this online explain the problem that you're actually solving and and take our viewers a little bit through the whole process of a stock transfer certainly so on the on the uh Medallion side it's really and we're learning new Industries every day that are requiring it so for example um if somebody is uh inheriting stocks and now they want to have that transferred so they would have to get a medallion guarantee so historically somebody could just go into the bank show their driver's license and it would be a free service and they'd be able to get a medallion guarantee um what we're finding is and more so over the last year and a half is that a lot of the banks both commercial and Community are not offering this service any longer so think about it and actually this is what happened to me I had some stock in a corporate name and I went to my bank where I've been banking for 30 years and I asked them for a medallion stamp signature guarantee and essentially they said sorry the corporate entity doesn't have an account here I said you've got to be kidding me I've been in this bank for 30 years every two weeks you know who I am but they wouldn't give me a medallion to verify that I was who I said I was and so what are people to do if their bank doesn't offer this medallion signature and they have Securities whether it's $10,000 or a million dollars they're literally stuck they have nowhere else to go that's so interesting so why wouldn't a bank want to offer the service anymore and you're solving a very unique problem uh but why why did they stop offering the service so I can't speak for them but I would imagine and I don't blame them it's it's about liability um at the end of the day when somebody provides a medallion stamp guarantee they're taking on the liability of that transaction so the banks are in the business of banking and not necessarily taking on this liability so they'd rather just not offer it to their shareholders but I would imagine they'd like to see a solution so at least they can guide them uh towards getting this transaction done so who are some of your biggest clients today uh so clientwise we've really worked with um anybody who needs a medallion I mean we're working with all the large stock transfer agencies and the shareholders that are bringing us their Securities whether it's Apple Starbucks Exxon IBM um we're really seeing all the big names out there because again it's a solution that is applicable to anybody in the US that needs a medallion you have interesting technology I notice verification technology could you take us through the electronic process with the verification technology sure and we're we're pretty uh excited about it because it took us a little over a year to build so as I mentioned historically somebody would just go to the bank show a driver's license and that's how they would prove prove who they say they were uh we took it to the next level so a shareholder will go online put in their information and then our technology will generate five questions uh that only they would know things like which of these cars have you driven which of these houses have you lived at uh what color was your car in 1989 and once they've answered those questions we have a dual Factor authentication so we'll send them a code to their phone and a code to their email and keep in mind so all this happens within like 60 seconds and by the time they're done with that simultaneously we're running this name and this information through checklists ofac so after that 60 seconds we're pretty confident that the person either is or is not who they claim to be that's terrific and I noticed you recently also started to accept electronic signatures that's another uh technology breakthrough and uh I give the sta a lot of credit because they're they're always looking forward and so recently they've uh they've clarified the regulations so that we can provide that green physical Medallion stamp on an electronic signature so now shareholders to save both time and money can simply go to the website upload stock power uh and digitally sign and that will come to us immediately for us to be able to process through compliance it seems very efficient and lastly I want to hone in on the Innovation aspect of the business that you're in obviously equities loves to cover these industry disruptors it seems like you're solving a very unique problem would you consider this reg Tech we keep hearing and talking about fintech is this a whole new regulatory space and Landscape I don't believe you have any competitors currently absolutely uh both I think it's reg Tech and absolutely we don't have any competitors at the moment um essentially we're always looking for innovation technology I know equities.com always uh appreciates that um what we're trying to do towards the future is that what we find is that a lot of uh the calls that come in on a daily basis besides being from trustees Executives or corporations we're finding the need from a lot of foreign shareholders so we're in the process of developing technology that's going to be able to validate uh whether it's from China Israel Canada the UK and I think that technology is where it's headed and uh we'd like to be at the Forefront of it it sounds fascinating you touched on some of the global markets are you starting to gain a lot of international clients uh we're starting to and uh hopefully once we have the validation technology in place that will open up the floodgates because right now transfer agents are most often comfortable waving The Medallion requirements if there's a foreign shareholder and if the issuer is willing to indemnify the company but truth be told when we spoken to the larger transfer agents they'd rather not provide a waiver and in fact they'd rather have a validation of who the person is and they turn to us to do that well it sounds fascinating and congratulations for all your developments will be keeping an eye out for what's ahead thank you Seth and best of luck appreciate it