What is Logalty?
We are the first LegalTech company in Spain to introduce into the digital world operating and business processes that were customarily done on paper, such as signing contracts, paper acceptance receipts, certified postal notification or any other type of sensitive communication, while maintaining full legal security.
We act as an Trusted Third Party by Interposition; in other words, we are the digital witness in the electronic relationship between companies and customers in terms of document availability and reading, electronic signatures and delivery of electronic counterparts, generating and safeguarding all the electronic evidence of the traceability of each of the transactions that take place between the parties.
What is your competitive advantage? What would you highlight?
Our main competitive advantage is the company’s thorough business-related legal knowledge, which enables it to adapt to its customers’ workflows in critical contracting, electronic communication and digital identification processes. A strong legal component has guided us from the outset and as we have grown, ensuring full compliance as required in sensitive sectors like banking and insurance. We have always applied the latest technologies available at the time, following best practices in information security and meeting international standards. As a result, we are certified under ISO 27001 and 22301, we are on the European TSLs, Logalty is a member of ETSI and is participating in the creation of the European digital market in conjunction with institutions such as the EBA and the European Commission.
I would like to highlight our vision in 2011, when we created the first and largest distributed electronic evidence ledger in Spain, based on the same philosophy as Blockchain, by means of a transaction evidence matrix that we distributed to a group of notaries to make sure it could not be altered, and only if all the notaries agreed could the safeguarded evidence be modified.
Measures you have taken during the state of alarm
The pandemic has revealed Logalty’s ability to adapt to the requirements and urgent needs of its customers and of the individuals working at the company in both Spain and Mexico. Within 48 hours after the declaration of the state of alarm, we were all teleworking at 100% capacity, adapting six new COVID initiatives for contracting, electronic notification and digital identity in short sprints, so that our customers, particularly those in the financial sector, could operate remotely with their customers. In record time, we provided them access to the LogalSend digital signature web platform by Logalty to enable their customers to sign ICO late payment and loan documents without being physically present, even including identity validation prior to electronic contracting or acceptance of express consents in the services.
We have also adapted our web tools to cover the urgent needs of SMEs and the self-employed, enabling them to adapt to this “remote way of doing business” too, jump-starting their digital evolution and giving them the same chances as major corporations.
Opinion about the new paradigms that will be seen in the post-COVID era
We are still in the midst of the COVID period, and unfortunately, we do not yet have a clear view as to when that post-COVID era will arrive. However, we do know that the pandemic is acting as a catalyst of change. We have seen an acceleration in digitalisation, and the adoption of fully digital processes and the use of new online products and services is now a reality that is here to stay.
This autumn we will continue striving to contribute to economic recovery and the mending of the Spanish industries with our solutions for digitalisation of contracting, communication and electronic identification processes. We will keep on helping companies in their online processes and cost savings. The positive experience of companies and customers signing contracts electronically during the lockdown is going to define a before and after for digitalisation in Spain and around the world.
Is anything new on its way?
One of the focuses for Logalty has always been innovation and the creation of new services and functionalities. The new paradigms bolster this foundation even more so for the company. A clear example of this is the ‘co-creation’ of new services with our customers, with the ensuing positive impact in terms of both the speed of launching them on the market and ensuring that they are applicable immediately because they have been tested in advance.
Fortunately, Logalty is innately focused on creating new services and settings for engaging with our customers. I can’t disclose any details, but we are currently working with new scenarios at Logalty that will provide our customers with fraud prevention in digital identity, expanded electronic contracting through highly relevant advances in the customer experience and the use of PSD2 electronic payment for ‘smarter, self-executing’ processes. Across the board, the figure of the Trusted Third Party by Interposition is even more essential than it was in the pre-COVID setting.
Tell us what is ‘cool’ about belonging to the AEFI
Belonging to the AEFI means being a part of an innovative eco-system of enterprises and entrepreneurs in which we share experiences or opinions about regulatory frameworks, where our vision for the future is transmitted to lawmakers so that Spain can grow within the global eco-system at the same pace as the rest of the world.
I should highlight the talent of the managers of this association, who strive to promote dissemination, communication and collaboration activities with passion and large doses of – why not? – humour, fostering, above all, female talent within the FinTech eco-system in Spain.