Enabling paperless agreements
across Panama with Zoho Sign

Benefits of using e-signatures

In the wake of digital transformation, sending electronic documents online has become a common practice. Often, these documents require signatures as proof of the agreement. This is achieved with the help of electronic signatures. They provide an efficient way to sign documents online, reducing paperwork and enabling more streamlined transactions.

In addition to easing the process, e-signatures help protect your documents with their enhanced security and authentication techniques. They outweigh handwritten signatures in various aspects, with security being the most significant. As a result, e-signatures are gaining popularity with businesses worldwide, helping them meet their objectives efficiently.

E-signatures: Powering Panama's paperless journey

Panama is a key player in Central America's digital evolution, embracing innovative technologies to modernize its economy. An integral part of this shift is the adoption of e-signatures, which enable businesses and public institutions to shift from manual, paper-heavy workflows to efficient, digital processes. As a result, organizations can speed up transactions, reduce operational costs, and eliminate geographical barriers.

This change is in line with Panama's broader digital goals, particularly through initiatives like Digital Agenda 2030, which aims to enhance connectivity, promote innovation, and foster digital inclusion. E-signatures play a vital role in achieving these goals by facilitating secure, legally binding electronic transactions, encouraging digital trust, and fostering economic growth.

Zoho Sign, a leading digital signature solution, is well-equipped to support Panama's drive for digital excellence. Businesses leveraging Zoho Sign can benefit from:

• Accelerated workflows
• Tamper-proof authentication
• Eco-friendly alternatives to paper-based methods
• Simplified collaboration
• Cost savings on printing, storage, and courier services

Key sectors riding the e-signature wave

Sectors are embracing this game-changing technology in Germany include:

• Financial services
• Healthcare systems
• Education and training institutions
• Real estate and construction
• Retail and ecommerce
• Government agencies
• Human Resources
• Logistics

Qualified Electronic Signatures

A Qualified Electronic Signature (QES),is a special type of Electronic Signature that is supported by a Qualified Electronic Certificate. This certificate is issued by a Certification Service Provider(CSP) registered with the Dirección Nacional de Firma Electrónica, the governing body for digital signatures in Panama.

Requirements of a Qualified Electronic Signature:

• The QES must identify the signer and detect any changes made to the electronic document after it has been signed.
• The QES must be uniquely linked to both the signer and the specific electronic document being signed, ensuring authenticity.
• The QES must be created using a secure signature creation device, which is exclusively controlled and maintained by the signer.
• The QES must be created through the infrastructure of a registered Certification Service Provider with the Dirección Nacional de Firma Electrónica.

Recognition of Qualified Electronic Signatures

• Documents requiring a signature under oath

  A document that requires a signature under oath is considered valid when signed with a Qualified Electronic Signature from the grantor.

• Notarized or countersigned documents

  If a document requires notarization or countersigning by a public official, the requirement can be met in an electronic transaction. This is achieved if the Qualified Electronic Signature of the signer is accompanied by the Qualified Electronic Signature of the authorized public official, along with a time stamp issued by a registered Certification Service Provider.

Recognition of foreign certification service providers

Electronic certificates issued by foreign certification service providers can be recognized as equivalent to Qualified Electronic Certificates issued under Law No. 51 of 2008 under certain conditions:

• If the electronic certificates are recognized as valid under an international treaty or agreement that Panama is a party to, they are considered equivalent.
• The foreign certification service provider must meet the minimum requirements set by Panama's Dirección Nacional de Firma Electrónica or the Public Registry for Certification Service Providers.
• If the foreign provider's certificates are accredited or recognized by an organization similar to Panama's Dirección Nacional de Firma Electrónica, their electronic certificates can be accepted in Panama.

How Zoho Sign can benefit Panamanian businesses

• Identification and reliability:

  Zoho Sign employs strong authentication techniques, such as OTP authentication and PKI-based digital signatures using digital certificates, to ensure that the e-signature is uniquely identifiable.

• Consent:

  Zoho Sign provides a checkbox label to help users indicate their consent to signing a document electronically or to the terms in the electronic document.

• Audit trails:

  Audit trails provide a comprehensive record of every action taken on a document, ensuring full transparency and accountability throughout the signing process. This detailed log enhances security and serves as legal evidence in case of disputes, making it a vital tool for businesses to maintain compliance and trust in their digital transactions.

• Enhanced security:

  Zoho Sign employs robust encryption protocols, such as the military grade AES-256 encryption at rest and the TLS/SSL protocol in transit, to ensure that the data transmission between the signing platform and the data being signed is secure. This prevents documents and data exposure in the case of data breaches.

• Detectable alterations:

  Zoho Sign ensures any alterations to the electronic signature or the document to which the signature is affixed are detectable through an elaborate audit trail of all activities during the signing process. This audit trail comprises critical information, such as the identity of the signatory, the timestamp of the signature, and changes made to the document.

Resources

• Law No. 51 of 2008
• Law No. 82 of 2012
• Executive Decree 684