Clausematch, a London-based award-winning financial and regulatory technology company which provides unique SaaS-based services for financial institutions, today officially announced that it has gone live at Intesa Sanpaolo. Following a successful POC, the bank implemented the Clausematch platform to manage, optimise and streamline internal vendor contracts. Clausematch is applied by the group services management department to automate the creation, negotiating and finalisation of internal service level contracts.
Finding one platform to manage all the service contracts at various levels of the business in a single place has become essential when the legacy systems the bank was using could not handle this process efficiently anymore. Negotiations between departments were complex, caused delays, opening up for human error and an inability to centrally manage the content and data for downstream systems. The final versions stored in PDF format were not adjusted for rework and reuse of the content, not even to speak about the automated creation of new contracts.
Intesa Sanpaolo Group Services (ISGS), a department within the bank in charge of internal services, creates and manages customised contracts in a catalogue with hundreds of positions across internal vendor and business units.
"Our clients include internal vendor and business units which need to agree to a multitude of services and products every year. Being able to manage all the contracts in single place with a central catalogue matching products and services automatically on a granular level, has streamlined, transformed the process making it incomparably easier. Everything is automated, in one system, ready for reclaim and reuse.", - Claudio Paglia, Chief Cost Manager at Intesa Sanpaolo commented.
"Banks and large financial services firms are more and more looking into adopting next-gen solutions for various sides of the business. The case with Intesa Sanpaolo shows how a RegTech company can first and foremost deliver significant optimisation to business processes.", - Evgeny Likhoded, Clausematch CEO & Founder added.
The results of the POC came in line with a commitment to reduce the time for creating new contracts by .. %, negotiating them by ...% while accumulating the whole process within one platform with multiple functionalities as a complete overview functionality allowing granular control of each contract's content. The Clausematch technology allowed eliminating common errors and improve efficiency within the units. It has become possible to reuse the same documents automatically matching the parts accordingly, in order to create new agreements fast.
To recall, in 2017 Clausematch went live at Barclays for policy management and compliance at the global bank. The specifics of the next-gen platform allowed applying it for multiple purposes: from policy management and governance to automating vendor management.
