Specially designed solution Delivers rapid ROI with an intelligent and intuitive contracting platform to ensure the intent of each contract is fully realized
LONDON, October 12, 2022 /PRNewswire/ — Icertis, the contract intelligence company pushing the boundaries of what is possible with contract lifecycle management (CLM), today announced the launch of Icertis Contract Intelligence (ICI) for banking and financial services. The CLM solution comes with out-of-the-box functionality that includes a range of contract types, rules to identify obligations, and workflow and reporting to support specific business process challenges in the front, middle and corporate offices of banking and financial services. Service organizations. The solution will help teams increase the speed of their business while managing risk and improving regulatory compliance in areas of obligation such as AML, ISDA credit support and credit risk reviews. ICI for Banking and Financial Services joins Icertis’ growing list of industry-leading vertical solutions, including consulting and IT services, healthcare, medical technology, technology, and wholesale and distribution.
ICI’s functionality for banking and financial services reflects the deep insights and best practices drawn from Icertis’ industry-leading customer footprint. New Solution Helps Banks and Financial Services Institutions Better Create and Manage Complex Contracts Such as Cash Management, Repo Loan Contracts and Custody Agreements to Power All Aspects of Their Business with Improved Efficiency , visibility into business units and third-party vendors, and control to manage risk and meet regulatory requirements.
“Major banks and financial institutions view the impact of contracts on their business differently in all respects. They face ever-changing competition, increased scrutiny and regulations, complex investments and operational efficiencies,” said Niranjan Umarane, Executive Vice President of Product Management, Icertis. “Contract intelligence plays a significant role in these trends; fueling, protecting and accelerating business. Icertis recognized the need to solve the many contracting issues at the heart of banking and financial services and took our platform HERE principal to create a comprehensive solution for deployment and adoption without compromising on risk and compliance.The solution accelerates procurement processes, improves customer onboarding, reduces risk, improves regulatory and reporting compliance and increases revenue growth.
The banking and financial services solution, built on the end-to-end ICI CLM platform, meets the needs of banking and capital markets with a set of attributes, clauses, models, associated documents, management of obligations and reporting. While contracts related to business operations provide agility, efficiency, assurance, and compliance to business teams, common contract types, such as NDAs, MSAs, SaaS agreements, real estate services, and termination letters, enable business functions such as as purchasing to manage the complexity associated with the high volume of third-party vendors. In-depth insights from existing banking and financial services clients have led to several package deals in banking and capital markets; a sample includes:
- Management of escrow accounts to support the complexity of managing non-performing assets.
- Cash management to facilitate the creation of cash management services.
- The creation of letters of commitment and reservation of rights for mergers and acquisitions.
- Global custody management to generate custody agreements to meet the specific needs of each relationship and streamline negotiations and approvals.
- Trade Agreements, including ISDA Master Agreements, Schedules, Credit Support Schedules, and Loan Repurchase Agreements.
“According to our research, the total addressable market (TAM) for cloud Contract Lifecycle Management (CLM) Software will expand rapidly further $4.1 billion in 2022 at more $8 billion in 2026, representing a Cumulative Aggregate Growth Rate (CAGR) of 19.4% and totaling nearly $30 billion over the five years,” said Igor Stenmark, Managing Director, MGI Research. “Financial services organizations from all walks of life, from retail and commercial banks to insurers and capital market players, will significantly benefit from modern CLM solutions that can help them accelerate their digital transformation, optimize costs and improve customer engagement and service Leading financial service providers seek to leverage out-of-the-box CLM capabilities to remove friction from key business processes – from loan origination to mergers and acquisitions to management compliance, among other global and regional financial institutions”.
Many of the world’s largest banking and financial institutions, such as Allianz, DenizBank, Jefferies and Wex, use the AI-powered Icertis Contract Intelligence platform for insights and automation that increase revenue, reduce leakage fees, maximize contract spend, mitigate risk and ensure compliance. The new industry-specific solution is available worldwide for banking and financial services institutions.
Icertis delivers the announcement of Forrester Technology and Innovation EMEA Conference in LondonStand 26, where Icertians presents the Icertis Contract Intelligence solution, October 13-14, 2022.
With unparalleled technology and category-defining innovation, Icertis pushes the boundaries of what is possible with Contract Lifecycle Management (CLM). Icertis, powered by AI and validated by analysts Contract Intelligence Platform (ICI) turns static document contracts into a strategic advantage by structuring and connecting the critical contractual information that defines how an organization operates. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and liabilities in their more than 10 million contracts worth more than $1 trillionin over 40 languages and over 93 countries.
Senior Manager, Corporate Communications