The new legislation gives legal value to certified electronic signatures and establishes the basis for regulating service providers.
From a statement issued by the Legislative Assembly of El Salvador:
The Legislature has unanimously approved the Law on Electronic Signatures, these regulations give legal security to the certified use of electronic signatures, which through this means allows the country to be incorporated into the global environment, in which secure interactions occur within the information society.
Banks say they are not investing in the technology required to implement electronic signatures for digital processes due to the small amount of use by users.
Although the use of electronic signatures for banking transactions is something which is very common in most countries of the world, there is still some reluctance by people in Panama to use it, leading banks to stop making the necessary investments to implement the system.
The Public Registry web platform allows the digital registration using electronic signatures to authorize transactions.
Panamaamerica.com.pa reports that "the new technological tool will streamline internal processes and allow paperwork and long lines to become a thing of the past through a system that offers security."
Construction, real estate and rentals are the main sectors generating registrations and other paperwork that have raised $40 million in revenue for the Public Registry.
This " ... is a considerable increase compared to the 4% growth which was reported in 2012 , when revenues from January to August were $33 million compared to 2011 when $ 31.8 million was raised ... " , noted an article in Panamaamerica.com.pa.
The project to implement electronic signatures is 50% complete and before the end of the year the Public Registry will be using it in their systems.
According to the Director of the Public Registry, Hernando Carrasquilla, electronic signatures allow people to carry out official processes from their home or business, eliminating the use of paper in the processing of documents.
The implementation of a new electronic state correspondence platform for the country will save $3 million annually in paper, time and operating costs.
From a press release by the National Authority for Government Innovation (AIG):
The Cabinet Council has approved a special appropriation in the amount of $1.5 million in favor of the National Authority for Government Innovation (AIG), in order to promote an electronic state correspondence system.
The use of digital signatures scheduled to begin this year is several months late and will not be implemented until February 2014.
Several factors are responsible for the delay, among which is the delay in the tendering act which had to be performed twice, said Hernando Carrasquilla, director of Public Registry. The company awarded the tender was the Spanish consortium Indra Sistemas.
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