Delega together with Deutsche Bank, Barclays completes POC to Digitalise Signatory Management

Wednesday, 2 June 2021, 19:00 HKT/SGT

Source: Delega

ZUG, SWITZERLAND, June 2, 2021 - (ACN Newswire) - Delega is excited to announce the successful completion of a POC together with Deutsche Bank, Barclays and 8 multinational corporations including Salesforce, Siemens and the International Air Transport Association (IATA).

This POC proved that the digital signatory management workflows jointly co-designed by the POC participants and executed using Delega's technology represented a significant efficiency gain over the current tools and processes available in the market today.

The Delega tool leverages cutting-edge technologies to help organisations manage signatory rights on a fully digital and integrated basis. The challenges that treasurers and their teams face when managing signatory rights across multiple banks are well-known across the industry. Yet in the digital age, managing signatories is essential when it comes to enabling users to interact with banks. The goal has been to transform what is typically a time-consuming process requiring extensive supporting documentation and manual work. It is also further complicated by the fact that different banks have specific sets of rules and procedures.

During the POC, corporate banking clients benefited from higher transparency and a clear view of the supporting documents each participating bank required, and the digitalization of the exchange of the documents therefore enforcing "first time right" approach in the process. This strengthened the use case of a multi-bank solution that enabled corporate participants to follow a single workflow process in compliance with differing regulatory and policy requirements of individual banks. The POC also proved, using the Delega tool, that both banks and their corporate customers had exactly the same view of which signatories held which authority levels in real time, removing the need for extensive interaction and communication that is normally needed by large multinationals during an audit to prove "who can sign for what, with which bank".

Eliminating inefficient processes is fundamental to the progression of financial services and technologies. It is the driving force behind recent innovations to alleviate the strain organisations are currently experiencing to meet increased and varied demands.

Deutsche Bank, Barclays and Delega are striving to foster and champion further innovation in the banking industry.

About Delega

Digitalising the signatory management process brings value for both banks and corporations. Delega works to generate value for all parties that are involved, aiming to transform how we approach outdated and inefficient ways of working. Using Delega, companies can store and manage a central list of current signatories. This can be shared with chosen banks, ensuring an up-to-date record of signatory information. As per its offering, the Delega team offer a unique and progressive insight across the industry. Combined they offer a deep understanding of corporate banking, treasury, technology, corporate law and project management.

Media Contact:
Company: Delega
Contact: Rob Lunn, Head of Banking Relationships
E-mail: info@delegabanks.com
Website: https://delega-banks.com/contact.html
LinkedIn: https://www.linkedin.com/company/delega-banks/
Alternatively, please reach out to our core team as per the website details

SOURCE: Delega

Topic: Press release summary
Source: Delega
Sectors: Cloud & Enterprise, CyberSecurity, Blockchain Technology, Banking & Insurance, Legal & Compliance