on 06-09-2017 06:43 PM
Just wondering with the event of digital and electronic transactions and all the potential for fraudulent changes. Why is it so, that a 3 page paper form "Corrective Payment Instruction" needs to be printed to complete and add 'wet ink' signature then scanned to a common email address is being required to update/correct identify a payment once PEXA settled?
on 11-09-2017 12:27 PM
The corrective instructions are processed manually, outside of the PEXA workspace. Instructions on the form cannot be digitally signed, as we cannot manually verify the digital signature is authentic. Instead, we rely on more traditional forms of execution. We would hope to one day have the whole process digital, including corrective payments. Great feedback, and I’ll pass it on to our product team to look into.
on 01-08-2018 01:15 PM
I have a similar query regarding execution of the corrective payment instruction form. Item 6 of the guidelines for completion (page 1) states: "This form must be signed by a User that has Financial Signing permissions in PEXA." This could be any legal practitioner or other authorized employee who has been granted a Financial Signing permissions by a subscriber whose wet ink signature (as far as I'm aware) has never been provided or sighted by PEXA.
The additional PEXA digital certificate is executed by an authorized representative of the subscriber organization. How do you manually verify the signature on the corrective payment instruction form is authentic?
Thanks in advance.
18-10-2018 12:29 PM - edited 18-10-2018 12:30 PM
The digital 'signatures' in the PEXA platform are technology driven and are 'read' or recognised by the technology designed to read it (and compare encrypted data). That technology exists in the platform itself (and in third party systems integrated with the platform) but not outside of the platform.
Corrective payments are manually processed and therefore require signatures that can be recognised as being a signature by people, not machines.
It is also necessary that people signing (in the platform & outside) have the requisite authority from their organisation to do so. It is for the firm to manage its sigantories and ensure that each Signer applies their own signature (whether digitally in the platform, or manually outside of it).