According to Nationwide, the signature verification system has been developed over the past two years. It involves electronic pads which sample a signature 200 times a second, capturing data such as the position of the stylus and the pressure exerted on the pad.
The pads also record the physical characteristics of the signature and the overall time taken to complete it.
Nationwide says the system will provide a more robust method of verifying a customer's identity than current visual checks of signatures. This is because most forgers only have access to the physical shape of a signature, mainly by finding a receipt or a stolen card. They cannot copy physical characteristics such as the pressure or the speed used during the signing.
The company also believes the system will reduce paper use and improve efficiency by eliminating filing and retrieval systems.
The installation of the biometric devices is currently at phase two of a three-phase programme. Phase one of the project, allowing signatures imaged to be viewed on screen by customer advisors was completed in August 2001. The signatures are currently being embedded into electronic documents to allow storage and automated verification. The installation of the biometric devices is scheduled to start during the first quarter of 2003.
Nationwide said in its statement that the signatures will be legally binding.