Digital Vault Services GmbH launches its market solution for Digital Guarantees
Digital Vault Services GmbH (www.digitalvaultservices.com) is pleased today to announce the launch of Guarantee Vault, its solution for digital guarantees which went live on the 18 January 2021.
Guarantee Vault is a central register for the issuance and safe keeping of digital guarantees. It gives banks & sureties the possibility to centrally issue and store instruments such as Bank Guarantees, Surety Bonds and Standby Letters of Credit in an electronic form.
Sven Matzelsberger, Head of Treasury at Lindner Group KG stated “Guarantee Vault has been a true market collaboration between corporates, sureties and banks. Our shared experiences, collaborative spirit and common vision are at the heart and soul of what Guarantee Vault is.
We proudly see this as a true market initiative, one that solves a wide spread common problem and brings efficiencies to all involved.“
Guarantee Vault is the result of a 2 year collaboration with 16 working group partners made up of major corporates, banks and sureties including Bayerische Landesbank , BNP Paribas, HSBC, Atradius Kreditversicherung, Coface, Euler Hermes, GlobalTrade Corporation, Nokia, PORR AG, Lindner Group KG, Eurovia, Strabag and Siemens AG.
Guarantee Vault offers the unique combination of central issuance with digital guarantees, an innovation that delivers significant value to all market participants. Through the transparency it brings, Guarantee Vault adds an additional layer of efficiency right throughout the guarantee life-cycle.
Brigitte Schmidt, Head of Guarantees at Bayerische Landesbank explained “It has been a great experience working with both corporate and financial stakeholders on the digitization of guarantees.
Through Guarantee Vault we now have the possibility to offer all our customers the issuance, safe keeping and administration of digital guarantees in a secure and central place.
For the first time, the complete end-to-end digitization of the entire guarantee transaction is possible, from applicant and issuer right through to beneficiary.”
Guarantee Vault offers long-term, secure and cost-effective services to applicants, guarantors, beneficiaries and intermediaries right across the life of a guarantee including application, issuance and post-issuance (amendment, release, claim).
Delivering its service via its suite of REST APIs, Guarantee Vault allows market participants the possibility to seamlessly connect and benefit via their existing platforms, portals or other “in-house” systems.
Nicole Kerndler, Deputy Head of Bank Guarantee Management at PORR AG, added “For many years the lack of transparency in the Guarantee process has been an on-going problem for us. Because of this, managing our portfolio of outstanding guarantees across all our banking and surety partners has been a significant challenge. Through the added transparency it brings, Guarantee Vault gives us today oversight at source which solves the problem”.
Oliver Jacobs, Head of Bond Production at Euler Hermes said “Running a paper based manual guarantee process has always been a challenge, even more so in this Covid-19 environment. We believe that digital guarantees are the solution, they increase transparency, create efficiencies and minimize risk. The innovation that Guarantee Vault brings will benefit all parties including applicants, guarantors and beneficiaries”.
In the end Guarantee Vault is an open solution that allows market participants to save costs, improve efficiency, reduce operational risks and more.
“This is a first universal digital network that connects corporates with all types of guarantee issuers: banks, insurance companies, agents as well as export development and other government agencies. It also directly links corporates with each other, as applicants and beneficiaries. The Guarantee Vault offering is based on open collaboration and transparent pricing. This approach facilitates acceptance by providers of trade finance IT solutions – one of the key elements for the wider market adoption.” noted Nick Pachnev, CEO of GlobalTrade Corporation.
“We are extremely excited and proud about the launch of Guarantee Vault, the achievements made to date have been great and would not have been possible without the help and support of our working group members.
Guarantee Vault is an idea born from the market for the market, it is fully geared to fundamentally resolve long standing market pain points. A testament to this is the market interest we have had to date, in addition to our working group members, we already have a number of other corporates, sureties and banks expressing strong interest.
We are excited about our plans for 2021 and are well positioned for our initial roll-out into Europe starting with Germany and Austria followed by France and Switzerland in Q4.” stated Ludger Janßen, Managing Director Digital Vault Services GmbH.
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