Contract Intelligence Solution for Banking and Financial Services Launches by Icertis

Icertis, the firm that develops contract intelligence and pushes the limits of contract lifecycle management (CLM), has now introduced Icertis Contract Intelligence (ICI) for Banking and Financial Services. The CLM solution is pre-packaged with functionality that addresses common challenges in business processes across front, middle, and corporate offices of banking and financial services organisations. This functionality includes a variety of contract types, rules to identify obligations, workflow, and reporting. By managing risk and enhancing regulatory compliance in areas like AML, ISDA credit support, and credit risk evaluations, the solution will assist teams in accelerating business growth. The growing range of Icertis’s sector-leading vertical solutions, which already includes Consulting & IT Services, Healthcare, Medical Technology, Technology, and Wholesale & Distribution, now includes ICI for Banking and Financial Services.

The capability of ICI for Banking and Financial Services is the result of extensive research and industry-leading customer footprints by Icertis. With improved efficiency, visibility across business units and third-party suppliers, and control to manage risk and comply with regulatory requirements, the new solution enables banks and financial services institutions to better author and manage complex contracts like treasury management, repo loan contracts, and custody agreements. These contracts power all aspects of their business.

“Top banks and financial institutions are thinking differently about how contracts impact their businesses in every way. They are navigating evolving competition, heightened oversight and increasing regulations, complex investments, and operational efficiencies”, “Contract intelligence plays an important role across these trends; powering, protecting, and accelerating business. Icertis recognized the need to address the many contracting pain points central to banking and financial services and have taken our core ICI platform to create a comprehensive solution for quick deployment and adoption without trade-offs on risk and compliance. The solution accelerates contracting processes, improves client onboarding, reduces risk, improves regulatory and reporting compliance, and increases revenue growth.”

Niranjan Umarane, Executive Vice President of Product Management, Icertis.

The Banking and Financial Services Solution, developed on the end-to-end ICI CLM platform, provides a set of attributes, clauses, templates, related documents, obligation management, and reporting to address needs in the banking and capital markets. Common contract types, such as NDAs, MSAs, SaaS agreements, real estate services, and termination letters, allow corporate functions like procurement to manage the complexity related to the high volume of third-party suppliers, whereas business operations-related contracts give business teams agility, efficiency, assurance, and compliance. Several bundled banking and capital markets agreements have been created as a result of deep insights from current banking and financial services clients; an example is:

• To support the complexity of managing non-performing assets, blocked account management is used.
• Treasury management is used to make treasury management services possible.
• creating letters of reservation of rights and engagement for mergers and acquisitions.
• Using global custody management, custody agreements may be created that are tailored to each relationship’s needs while streamlining negotiations and approval processes.
• trading agreements, such as schedules, credit support annexes, buyback loan agreements, and ISDA master agreements.

“According to our research, the total addressable market (TAM) for cloud-based Contract Lifecycle Management (CLM) software will expand rapidly from over $4.1 billion in 2022 to over $8 billion in 2026, representing a Cumulative Aggregate Growth Rate (CAGR) of 19.4% and totaling close to $30 billion over the five years”, “Financial services organizations of all stripes – from retail and commercial banks to insurance providers and capital market participants stand to benefit significantly from modern CLM solutions that can help accelerate their digital transformation, optimize costs, and improve client engagement and service. Leading financial services providers seek to take advantage of out-of-box CLM capabilities to remove friction from key business processes – from loan origination to M&A to compliance management, among others. With a focus on contract intelligence, Icertis is well-positioned to address numerous contractual management pain points of global and regional financial institutions.”

Igor Stenmark, Managing Director, MGI Research.

The AI-powered Icertis Contract Intelligence platform is used by many of the top banks and financial institutions in the world, including Allianz, DenizBank, Jefferies, and Wex, to provide insights and automation that boost earnings, decrease fee leakage, maximise contract spend, reduce risk, and ensure compliance. The new sector-specific solution is accessible to banking and financial services organisations everywhere.

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