Contract intelligence company Icertis has launched a new tool that supports business processes for banking and financial services organisations.
The Icertis Contract Intelligence (ICI) Banking and Financial Services solution is packaged with out-of-the-box functionality. It includes a range of contract types, rules to identify obligations, and workflow and reporting to support specific challenges in business processes across front, middle, and corporate offices.
Icertis claims the tool will allow teams to increase business velocity, whilst managing risk and improving compliance around AML, credit risk reviews and more.
Clients using the new tool will be able to better author and manage complex contracts like treasury management, repo loan contracts and custody agreements to power all aspects of their operations. This will lead to improved efficiency, visibility across business units and third-party suppliers.
The new tool is being used to manage non-performing assets, facilitate the creation of treasury management services, create engagement and reservation of rights letters for mergers and acquisitions, for trading agreements and more.
Speaking on the new tool launch, Icertis executive vice president of product management Niranjan Umarane said, “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 recognised 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.”
The contract intelligence company previously raised 115m in its Series E round in 2019, which valued the company at over one billion dollars.
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