Formaliti has been engineered in accordance with the Electronic Transactions Act 1999.
The law outlines four main requirements for a legally-valid electronic transaction in Australia.
A sufficient method to identify the signer. This need not be onerous and just as you identify a person signing a form sitting with you, similar acceptance is given to identifying a signer in an electronic transaction. It can be as simple as an email address or you physically sighting a person’s identifying documents.
The electronic communication method must provide a means by which the electronic signatory indicates their intention or approval of the content of the document and/or transaction. Formaliti does this through the acceptance of e-signing terms and conditions before a document can be submitted.
Identification of the signer (criterion 1 above), indication of the intention to comply (criterion 2 above) and the means of encrypted storage and transport of data guarantee that reliability of each transaction is upheld.
The persons both receiving and signing the document have consented to the use of an e-signature. Formaliti requires that the signer accepts e-sign consent terms and conditions and that the sender accepts the the document all parties give final consent to adopting any changes to a document.