Microinsurance Philippines | Delega, in collaboration with Deutsche Bank and Barclays, has completed a proof-of-concept for digitalizing signatory management | (ACN Newswire) – ZUG, SWITZERLAND, June 2, 2021 – Delega is pleased to announce the completion of a proof-of-concept (POC) with Deutsche Bank, Barclays, and eight international organizations, including Salesforce, Siemens, and the International Air Transport Association (IATA).
This POC demonstrated that the digital signature management procedures co-designed by the POC participants and executed using Delega’s technology resulted in a considerable efficiency increase over the current tools and processes available on the market.
Delega is a solution that uses cutting-edge technology to assist businesses handle signatory rights in a fully digital and integrated manner. Treasurers and their teams are well aware of the difficulties they confront when handling signature rights across several banks. However, maintaining signatories is critical in the digital age when it comes to allowing people to engage with banks. The goal was to automate a procedure that was previously time-consuming and required considerable supporting paperwork and manual labor. It’s made much more confusing by the fact that each bank has its own set of rules and processes.
During the POC, corporate banking clients benefited from increased openness and a clear view of the supporting papers necessary by each participating bank, as well as the digitalization of document exchange, ensuring a “first time right” approach to the process. This bolstered the case for a multi-bank solution that allowed corporate participants to follow a common workflow process while adhering to individual banks’ regulatory and policy constraints. The POC also demonstrated, using the Delega tool, that both banks and their corporate customers had the same real-time view of which signatories held which authority levels, eliminating the need for large multinationals to engage in extensive interaction and communication during an audit to prove “who can sign for what, with which bank.”
The advancement of financial services and technologies requires the elimination of inefficient processes. It’s the driving force behind recent advances aimed at easing the strain that organizations are under as they try to fulfill ever-increasing and diverse expectations.
Deutsche Bank, Barclays, and Delega are all working to encourage and advocate more banking innovation.