Martinsen Ensures Data Security with Penneo
"We used to often receive copies of passports and drivers licenses via e-mail. However, we have soon realized that this was not secure enough. Moreover, it did not comply with GDPR’s requirements for handling sensitive data. With Penneo, we can now safely and securely perform KYC verifications digitally. "
Jesper Hørby Jensen, Accountant at Martinsen
Martinsen Statsautoriseret Revisionspartnerselskab is an auditing and accounting firm with 10 regional offices across Denmark. Martinsen provides professional audit services to small and medium-sized companies and is always looking for new ways to improve the quality of the services while also increasing efficiency. As a result, in 2016, Martinsen decided to implement Penneo, a digital signing and KYC/AML compliance platform.
The story of Martinsen
Using Penneo to digitize and automate signing flows
At Martinsen, more than 220 auditors and accountants strive to help small and medium-cap companies get a clear understanding of their financial situation. Hundreds of audit reports need to be signed by multiple parties (signatories) and there can only be so many printers in one's office. Unsurprisingly, things can get pretty chaotic during the "busy season" (last quarter of the year).
The administrative burden that resulted from the analog signing flow determined Martinsen to implement a digital signature solution. With Penneo, Martinsen's employees don't have to worry about any part of the signing flow anymore. Thanks to automated reminder emails, document status overview, and automated signing flows, Martinsen can easily collect signatures with the click of a button.
Digital KYC verification ensures Martinsen's GDPR and AML compliance
As an auditing and accounting company, Martinsen is subject to the Anti-Money Laudering Act (AML). Therefore, Martinsen is required to verify the identity of its customers (KYC). Before implementing Penneo, Martinsen used to collect copies of the customers' passports, drivers' licenses, and other ID via insecure communication channels, such as email. However, this was not in compliance with GDPR (General Data Protection Regulation).
By using Penneo, Martinsen ensured GDPR compliance. The Penneo KYC/AML compliance solution allows Martinsen to verify the identity of their customers via NemID authentication. Martinsen's customers perceive the digital tool as more secure than the alternative. Furthermore, they are happy to save and better allocate the time previously spent on signing papers.
What did Martinsen achieve with Penneo?
By getting financial statements digitally signed by all parties prior to meetings, Martinsen has managed to increase efficiency. Automation and custom signing flows make sure the document reaches all the signatories in the correct order.
By using Penneo's KYC features, Martinsen managed to ensure GDPR and AML compliance. From NemID authentication to end-to-end encryption, Martinsen now protects both financial and customers' personal information.
The implementation of Penneo was quick and hassle-free for both Martinsen and their customers.