VPBANK saves $20,000 annually with Remote Signing Solution

The implementation of Sphinx’s Remote Signing Solution enabled VPBank to reduce annual costs by nearly 400 million VND, primarily by eliminating paper-based processes, printing, delivery, and contract signing expenses. This transformation led to significant improvements in operational efficiency and customer satisfaction.

Background and challenge story

Company background: 

VPBank, one of Vietnam’s leading financial institutions, encountered substantial operational challenges in its contract management and approval processes. The bank’s reliance on paper-based contracts not only resulted in significant administrative overhead but also created multiple bottlenecks that impacted overall efficiency.

Challenges:

• High administrative costs: Each contract had to go through multiple stages, including printing, signing, scanning, and delivery between various departments and branches. This process was time-consuming and required substantial resources, from paper and printing supplies to personnel dedicated to handling and managing these documents. The logistics of transporting contracts across the bank’s various branches further added to the cost, especially when urgent documents required fast-tracked delivery.
• Delays due to manual signatures: VPBank’s branches are spread across different regions, and the physical distance between them caused delays in obtaining necessary signatures for contracts and legal documents. These delays not only slowed down business operations but also affected client interactions, as customers often had to wait longer for their contracts to be finalized. The manual signature process also created a reliance on the availability of key stakeholders, which further extended the time it took to get documents signed and processed.
• Document management difficulties: Storing, retrieving, and managing paper-based contracts presented ongoing challenges for the bank’s administration. Contracts were often stored in physical filing systems, which could be difficult to navigate, leading to delays in document retrieval and an increased risk of misplacing or losing important paperwork. Additionally, tracking changes and ensuring the accuracy of documents across different departments was time-consuming and prone to human error.

These inefficiencies prompted VPBank to seek a more streamlined, secure, and cost-effective approach to managing their contracts, leading them to adopt Sphinx’s Remote Signing Solution

Remote Signing Solution

Approach and solution

Sphinx’s approach

Recognizing VPBank’s need for a secure, efficient solution, Sphinx introduced its remote signing platform, leveraging TrustSign technology. This solution was tailored to integrate seamlessly with VPBank’s existing systems, particularly the SAP Portal, enabling users to create remote signing online while maintaining the highest levels of security and compliance.

Key features of the remote signing solution:

1. Remote signing management: Sphinx’s remote Remote Signing Solution enabled VPBank’s employees to sign critical documents digitally, regardless of their location. This feature allowed for secure, legally binding signatures to be applied to contracts, agreements, and various legal documents directly through the system. The key advantage of this approach was the elimination of the traditional reliance on physical signatures, which had previously slowed down the approval process. With this feature, employees could complete the signature process in minutes rather than days, removing geographical barriers between branches. This efficiency improvement significantly reduced the need for physical documents, and all steps were digitally recorded for easy traceability. Additionally, the remote signing were legally recognized, adhering to local and international standards, ensuring that contracts maintained their legal integrity and compliance.
2. Secure authentication: Security was paramount for VPBank, especially when dealing with sensitive financial contracts. Sphinx’s solution integrated advanced authentication methods such as Face ID, multi-factor authentication (MFA), and digital certificates, ensuring that only authorized individuals could sign documents. Face ID verification provided a seamless user experience while maintaining the highest level of security, confirming the identity of signers and preventing any risk of forgery or unauthorized signatures. This feature significantly reduced the potential for fraud, a common concern in paper-based workflows, where signatures could be forged, or documents tampered with. The system also provided audit trails that tracked every interaction with the document, further enhancing transparency and security in the signature process.
3. Cloud-based document storage: One of the standout features of Sphinx’s remote signing solution was its integration with cloud-based document storage. All signed contracts and related documents were stored securely in the cloud, allowing for easy access and retrieval by authorized personnel at any time. The cloud-based system ensured compliance with national and international regulations, including GDPR and Vietnam’s electronic transaction laws, by providing encrypted storage and ensuring that documents were tamper-proof. Additionally, the solution’s cloud storage offered scalability, meaning VPBank could store an increasing volume of contracts as the bank’s operations expanded without worrying about space constraints or physical storage costs. This feature also improved disaster recovery, as documents were safely backed up, eliminating the risk of loss or damage associated with physical records.
4. Integration with SAP Portal: Sphinx ensured that the remote signing solution integrated seamlessly with VPBank’s existing SAP Portal. This integration allowed VPBank’s employees to generate and manage contracts directly within their familiar SAP environment. The automation of contract workflows—from creation, sending for signature, to storing—became streamlined. Employees could generate contracts through SAP, send them out for remote signing via the TrustSign app, and track the signing process in real-time. Once signed, contracts were automatically updated in the system, removing any need for manual data entry or document handling. This seamless integration greatly improved operational efficiency, reducing errors and the time spent managing contracts manually. Moreover, the system provided real-time notifications and updates, enabling stakeholders to monitor the status of the signing process and ensuring that no delays occurred in the contract execution.
5. Compliance with legal standards: Sphinx’s remote signing solution was built to comply with national and international legal standards, ensuring that all digitally signed documents had full legal recognition. The solution adhered to Vietnam’s electronic signature laws, specifically following regulations from the Ministry of Information and Communications and the government’s decree on e-signatures. Furthermore, it incorporated TrustCA Qualified TimeStamp, which ensured the long-term validity (LTV) of signed documents and maintained the integrity of contracts over time. This compliance was crucial for VPBank, as it allowed the bank to confidently digitize its contract signing processes without worrying about legal disputes regarding the validity of e-signatures. The system also supported global standards, making it viable for VPBank’s international contracts and agreements.
6. Real-time reporting and analytics: To further enhance the value of the solution, Sphinx integrated a robust reporting and analytics module. This feature allowed VPBank’s management to gain real-time insights into the status of their contracts and the overall effectiveness of their remote signing processes. The system provided detailed reports on the number of contracts signed, pending approvals, and contract completion times. This transparency not only ensured accountability but also allowed VPBank to continually optimize its operations, identifying areas where delays might occur and adjusting resources accordingly. The analytics also contributed to compliance reporting, ensuring that the bank could easily provide evidence of contract executions if required by regulators or auditors.

Sphinx’s remote signing solution provided a comprehensive way to manage and verify digital contracts. It was designed to facilitate contract creation, signing, and storage securely within the cloud, drastically reducing administrative costs and processing times.

Sphinx JSC Team

Solution story

Once the system architecture was designed and approved, Sphinx moved forward with a structured, phased implementation of the remote remote signing solution for VPBank. The approach was tailored to meet VPBank’s operational needs, ensuring a smooth transition from paper-based processes to a fully digital and secure contract management system. The solution was implemented in the following key phases:

Account setup and user onboarding:

The first step in the implementation involved setting up remote signing accounts for VPBank’s employees. Sphinx worked closely with the bank’s IT and HR departments to identify key personnel who would be utilizing the TrustSign platform for signing contracts and other important documents.

1. Identification of key users: Employees across multiple departments, including legal, human resources, and contract management, were identified as primary users of the remote signing platform. Sphinx created unique remote signing accounts for each of these employees, ensuring that the onboarding process was both thorough and secure.
2. TrustSign platform integration: The TrustSign platform was seamlessly integrated into VPBank’s existing IT infrastructure. The integration ensured that each employee’s account was linked to the bank’s internal system, allowing for centralized management and control of user permissions. Sphinx worked closely with VPBank’s internal teams to ensure that this integration complied with the bank’s strict security protocols and data protection policies.

This phase was critical in establishing the foundation for the remote signing solution, ensuring that all employees had the necessary tools and permissions to sign contracts digitally.

Device registration and digital certificate issuance:

After account creation, the next phase involved registering employees’ devices and issuing digital certificates, which are necessary for authenticating remote signing.

1. Device registration: Employees were guided through the process of registering their mobile devices, tablets, or desktops with the TrustSign app. This step ensured that the platform could securely verify that the remote signing were being executed on authorized devices. By linking the remote signing process to specific devices, Sphinx reduced the risk of unauthorized access or misuse of digital signatures.
2. Digital certificate issuance: To guarantee the legal integrity of theremote signing, each employee was issued a unique digital certificate. This certificate acted as a digital ID, verifying the employee’s identity every time a signature was required. The certificates were encrypted and stored securely within the TrustSign platform, and each signature was backed by advanced encryption algorithms that adhered to international e-signature standards, such as eIDAS and Vietnam’s own regulatory frameworks.

The device registration and certificate issuance phase ensured that the solution was secure, compliant, and ready for full-scale use.

Contract signing process: Real-time execution

The third phase marked the activation of the remote signing solution within VPBank’s daily operations. The process was designed to significantly reduce the time and effort required to execute contracts, by allowing employees to sign documents remotely, with just a few clicks.

1. Document flow from SAP Portal to TrustSign app: The process started within the SAP Portal, VPBank’s main system for generating and managing contracts. Once a contract was ready for signing, it was automatically sent to the TrustSign app. Employees were notified via the app when a document required their signature. The user-friendly interface made it easy for employees to review the contract and sign it digitally with their registered device.
2. Simplified user experience: The TrustSign app provided a smooth, intuitive signing experience. Employees simply logged into the app, confirmed their identity through biometric authentication (e.g., Face ID or fingerprint), and applied their remote signing to the document. This streamlined process replaced the time-consuming and error-prone steps of printing, manually signing, and scanning documents.
3. Elimination of physical presence: One of the major benefits of this system was the ability for employees to sign documents remotely, without needing to be physically present in the office or at a specific branch. This was particularly useful for employees working across VPBank’s multiple branches, as it removed the logistical challenges of delivering documents for signatures between different locations.

This phase drastically reduced the time spent waiting for signatures, eliminating the delays caused by physical document handling and ensuring that contracts could be executed more efficiently.

Real-time tracking and completion of contracts

The final phase focused on tracking the signing process in real time and ensuring that the signed documents were properly stored and easily accessible.

1. Real-time monitoring: Throughout the signing process, VPBank’s management and legal teams could monitor the progress of each document in real time. The system provided live updates on which employees had signed and which signatures were still pending. This level of transparency ensured that there were no unnecessary delays, as any issues could be identified and addressed immediately.
2. Automated storage and management: Once all required signatures were applied, the contracts were automatically saved within VPBank’s SAP Portal. The system ensured that every step of the signing process was documented, and a complete audit trail was maintained. This provided the bank with a legally binding record of each contract, which could be accessed and reviewed at any time.
3. Error and loss prevention: The remote signing platform also significantly reduced the risk of errors or document loss, which were common issues in the previous paper-based system. The entire process was automated, from sending the contract to storing the final signed version, ensuring that all documents were handled accurately and securely.

The real-time tracking and automated document management capabilities helped VPBank improve its workflow transparency and ensure that contracts were completed on time and stored securely for future reference.

By replacing the traditional paper-based workflow with a Remote Signing Solution, VPBank was able to streamline their operations, reduce overhead, and enhance security

Remote Signing Solution

Result

The implementation of the remote signing solution yielded impressive results for VPBank, leading to notable cost savings and operational improvements:

• $20,000 savings: VPBank saved close to $20,000 per year in costs related to printing, document delivery, and physical contract signing.
• Significant time reduction: The time required for contract approvals and employee signatures was reduced by over 50%, allowing for faster decision-making and execution.
• Increased security: The adoption of remote signing, backed by eKYC authentication, greatly reduced the risk of forgery and unauthorized access, ensuring all contracts were secure, legally binding, and compliant with national and international regulations.
• Improved employee satisfaction: VPBank employees benefited from the ability to sign contracts from any location, reducing the need for travel between branches and improving overall convenience.

Mr. Tran Huy Hung, Head of ERP Department IT ESS Service Center, IT Division at VPBank, provided positive feedback after more than three months of utilizing the eKYC and Remote Signing Solution for employee onboarding. He noted that the system had successfully facilitated 1,426 remote signing transactions for employees, resulting in cost savings of approximately nearly each year $20,000 by reducing printing and express delivery expenses, while also streamlining the contract process for speed and accuracy. Mr. Hung highlighted that the system operated with good stability, although a few minor issues arose, all of which were promptly resolved. Furthermore, he emphasized that the integration of remote signing with eKYC authentication significantly enhanced the user experience for VPBank employees, offering them a modern, professional, and highly convenient solution that also safeguarded against fraud and ensured full legal compliance.

For businesses, choosing the right Remote Signing Solution is essential to scale operations efficiently while maintaining security and compliance. Sphinx offers tailored solutions that meet these criteria, providing you with the tools necessary to streamline processes, reduce costs, and succeed in a competitive market. Whether you’re looking to enhance operational efficiency or ensure legal integrity in your document management, Sphinx’s innovative digital solutions deliver the results you need

For more about remote signing solutions and how it can help your business, contact Sphinx.

Sphinx Head Office

Address: 1st Level 82/6 Duy Tan Street, Cau Giay District, Hanoi, Vietnam

Contact: +84 965 198 200

Email : contact@sphinxjsc.com

Website: https://sphinxjsc.com/