ClauseMatch automates contract management at Intesa Sanpaolo global bank
- 15.10.2019 09:43 am
ClauseMatch, a financial technology company founded in 2012, officially announced today that it has become operational at Intesa Sanpaolo.
ClauseMatch and Intesa Sanpaolo met during a Fintech Innovation Lab hosted by the Bank.
This was followed first by a successful POC (Proof-of-Concept), created in collaboration with the Innovation Department of the IT, Digital and Innovation Area. The Bank's objective in its Open Innovation path is to experiment with innovative FinTech solutions to create digital services for the Bank, with low development and integration costs, and, in the future, to scale them up in other areas within the Group.
After passing all internal IT security and compliance checks, the Bank then implemented the ClauseMatch platform within the Cost Management Office governance area, which is an advanced online document management and collaboration solution, adapted to optimise and streamline the process of creating and managing intragroup service contracts.
The Bank manages intra-group service contracts between internal suppliers (about 30 providers, e.g. Information Systems, Operations, Training, etc.) and about 70 Customers between Business Units and Legal Entities of the Italian and Foreign Group.
The initial requirement was to identify a solution that would simplify the process of the annual renewal of service contracts. To do this, it was necessary, first of all, to eliminate the exchange of documents by email with complex structure of customers and products to then reduce operational activities of updating the system previously used to generate such contracts, but which was not user-friendly and was not integrated with the remaining applications in the bank. The results of the Proof Of Concept - conducted according to the Group's own innovation process, with a view to Open Innovation - had immediately impressed stakeholders with the ability and speed of ClauseMatch to adapt their solution to the specific needs of Intesa Sanpaolo.
The ClauseMatch solution, which is now integrated with the remaining applications in the bank, makes it possible to easily manage the considerable complexity caused by, on the one hand, many suppliers and, on the other, customers with diversified service models both in terms of the portfolio of services provided and in terms of guaranteed service levels.
The use of a single innovative platform in a collaborative manner therefore makes it possible to reduce the overall effort of the Bank's various structures, to improve the quality of the documents managed and, finally, guarantees full control over the entire process, shortening the overall timeframe, while at the same time mitigating operational risks making it possible to easily reuse available document assets.
"Banks and large financial services companies are increasingly looking for next-generation solutions for different aspects of their business. The Intesa Sanpaolo case shows how a RegTech company can first and foremost significantly optimise its business processes", - added Evgeny Likhoded, ClauseMatch CEO & Founder.
ClauseMatch is a 2014 graduate of the inaugural Barclays accelerator programme, BBVA Open Talent challenge winner, and is in the top 10 RegTech companies selected by Dow Jones, Financial News, FinTech50 company by FinTechCity and in the 2018 CB Insights list of the most promising FinTech companies globally.
ClauseMatch has been working with Barclays on global policy management and compliance since 2017. The specificities of the next-gen platform have allowed ClauseMatch to apply it for multiple purposes: from the management of governance activities to the automation of the management of internal suppliers.
ClauseMatch platform is also used by financial institutions, such as Barclays and Revolut, to automate their compliance documentation.