E-Banking Summit is currently the most significant fintech conference in Hungary. The main topics at this autumn's event included:
- digital administration with legal effect,
- digitisation processes in the financial sector,
- digital banking,
- digital transformation, and
- the FinTech revolution and the business model changes it brings about.
Tibor Venczel, head of Development at Cardinal Kft., presented Certified Electronic Archive, a new product of the document management development business line at the conference.
Cardinal Kft. has been developing document management systems for more than 20 years. The CRAFT document management framework system upgrade released in 2014 offered several new features, the most important being a workflow management module allowing the implementation of user-defined administration processes controlled through a wide range of parameters.
Each CRAFT system version ever developed to fulfil custom document management needs support digitising paper-based documents – i.e. scanning incoming documents and storing them in an electronic form. There is a new document management approach which has been gaining worldwide popularity for the past decade: conventional hard-copy documents are being replaced by their electronic equivalents, just as formerly prevalent conventional paper-based contracting and customer relationship methods are being replaced by electronic contracting and administration. Even so, the authenticity and the probative value of the electronic documents generated during the process have always been and still remain the most important aspects of the provision of electronic procedures.
To allow of widespread use of electronic administration, accelerating essentially paper-based procedures, implementing more efficient administration of legal relationships in the business community, between service providers and their clients and between the state and citizens, the Parliament ratified Act CCXXII of 2015 on the General Rules of Electronic Administration and Trust Services.
This legal regulation, effective as of 1 January 2016, declares the 'principle of equivalence' of electronic documents bearing an electronic signature (created as set forth in separate detailed regulations), i.e. the validity and the probative value of documents signed this way are equivalent to those of the 'original' hard-copy documents throughout the European Union. The uniform EU level regulation of electronic signatures, the so-called eIDAS regulation, became effective half a year later, on 1 July 2016.
The purpose of Certified Electronic Archive is to allow user organisations to prepare certified digital copies of paper-based documents and to retain these copies for a long term in line with effective laws. Its use renders the retention of hard-copy originals unnecessary. Electronic documents created with Certified Electronic Archive are certified using a qualified electronic signature and a time stamp, both generated by the closed system which records the documents.
The system uses Microsec's e-Szignó tool to generate the signatures. Microsec operates as a service provider qualified to provide services in the EU as per the relevant eIDAS regulations since 1 July 2016, and is entitled to issue qualified stamp certificates compliant with eIDAS regulations and also to provide eIDAS-qualified time stamping services. The company has been a full member of ETSI, the organisation responsible for creating European electronic signature standards and regulations, since 2007.
The most recently developed product is a standalone system independent of the CRAFT document management solution but can also be interfaced with any existing CRAFT systems.
Certified Electronic Archive offers a clearly more cost-efficient solution even to organisations managing not more than an average volume of documents annually when compared to the maintenance resources needs and costs of archives storing paper-based documents. It provides widespread access and various search options to stored documents, their simplified moving and, also, automated and simple electronic deletion when their storage is no longer required.
Compliance with the stringent client data protection requirements set out in the General Data Protection Regulation (GDPR) of the European Union, which will become effective on 25 May 2018, is supported by intelligent electronic deletion automatisms integrated into the product, ensuring that data controllers comply with their data control obligations set forth in legal regulations.
You can download the full presentation document here.
You can find out more about the E-Banking Summit and its full programme by visiting the web page of the event.