PORR Group Digitizes Their Guarantee Business with Guarantee Vault – Austrian and International Guarantors Ready
As one of the leading construction firms in Europe, PORR AG digitizes their guarantee business with the Guarantee Vault Platform from Digital Vault Services GmbH (DVS), combined with the multibank-solution @GlobalTrade from GlobalTrade Corporation (GTC). The company already requested their first digital guarantees and the broad roll-out has started.
"As part of our future programme PORR 2025 we seek to strengthen our technology leadership further and develop digital solutions for the construction value chain as well as new, data-based business models. With Guarantee Vault and @GlobalTrade we can fully digitize our guarantee business – from the internal approval process up to the full guarantee life-cycle. The combination of both systems allows a seamless integration into existing systems and therefore is a big win in efficiency. We will step-by-step transfer our complete guarantee business to Guarantee Vault," said Alfred Gabler, Head of Group Treasury at PORR AG.
The cooperation between DVS and GTC allows GTC customers fully digital processing for their national and international guarantees. While @GlobalTrade digitizes all internal guarantee processes, Guarantee Vault completes this offer with a fully digital request procedure, fully digital end-to-end guarantee management as well as safekeeping. From applicant via guarantor to the beneficiary, all parties are equally involved in the process and all operations can be processed and monitored in real-time.
"Guarantee Vault supplements our existing (guarantee-)services over the entire validity period with digital delivery of the guarantee up to final release. On request, all these features can be used by our customers without additional technical efforts as our @GlobalTrade platform is directly connected to the Guarantee Vault. The high level of interest from our customers confirms that cooperation with DVS was the perfect next step. Together we would like to set a new standard for digital guarantees in the Guarantee Vault. We’re looking forward to our ongoing cooperation." – Olga Schwarzkopf, Head of Business Development, Global Trade Corporation.
Regardless of that, beneficiaries and applicants benefit more and more from the advantages of central storage via the web-interface. For example, the Österreichische Bundesbahnen (ÖBB) has set themselves the long-term goal of exclusively receiving digital guarantees via Guarantee Vault. Wolfgang Konrad, Head of Risk- & Treasury Management, ÖBB: "At the moment we still receive many physical guarantees and manage them fully manually. Our vision is to receive as many guarantees as possible digitally. Not only, however especially for us as beneficiaries, we see big advantages in improving our efficiency as well as lowering our process risks."
Andreas Nestler, Head of Treasury, STRABAG, adds: "Especially for us as a company headquartered in Austria, it’s important to have a variety of local banks available. As member of the Working Group we also fully trust in the advantages of the Guarantee Vault and want to finish our API connection by 2022 at the latest."
Raiffeisen Bank International as well as Raiffeisenlandesbank Oberösterreich are already active users, and Erste Group is actively involved in the further development of Guarantee Vault and is in final review for technical implementation. Internationally, Guarantee Vault is implemented already by banks and sureties in Germany, Sweden and Finland, among others.
Big sureties like Euler Hermes, Coface and Atradius are also already available as guarantors or will be available very soon. "To immediately offer and kick-off digital guarantees for our customers, we use the web-interface at the time being. For a seamless integration in our existing processes, we are connecting our backend-system to the Guarantee Vault in parallel. This will allow us to fully exploit the efficiencies of digital guarantees in the future and to offer our customers a new service," explains Oliver Jacobs, Head of Bond Production, Euler Hermes.
Matthias Öffner, Chapter Lead Trade & Export Finance, Bayerische Landesbank, one of the first Guarantee Vault users, summarizes: "With Guarantee Vault, we offer our customers in the guarantee business a digital interface to BayernLB. For us as guarantors, this results in advantages in terms of avoiding manual process steps and the resulting operational risks. But we are particularly convinced that with Guarantee Vault we are supporting our customers, the applicants and beneficiaries. Through the multi-guarantor approach, they benefit from high efficiency gains, a complete overview of their guarantee portfolio and simpler processes."
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
For more information please contact:
PR & Marketing Manager
Digital Vault Services GmbH, München
Telefon: +49 151 23204007
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Andersen Global Expands into Puerto Rico with San Juan-Based Law Firm3.8.2021 16:30:00 EEST | Press release
Andersen Global extends its reach into the Puerto Rican market with San Juan-based law firm Casillas, Santiago & Torres, LLC (CST Law). Founded in 2011, CST Law is a full-service firm focusing on business and commercial law with capabilities in corporate, tax, commercial and employment law litigation, real estate, immigration, labor and employment law, employee benefits and government affairs. The firm covers a variety of industries such as retail, wholesale, real estate, manufacturing, tourism, financial services, technology, telecommunications and construction, providing legal services to a range of clients including major multinational companies. “Our firm has built long-lasting relationships with our clients through our commitment to transparency and quality of work we provide,” said Managing Partner Luis L. Torres. “As our clients’ operations continue to expand into multiple jurisdictions, their need for integrated and seamless services also increases. Our collaboration with Ander
IDEMIA Top Leader in NIST Flight Boarding Simulation Showcasing High Accuracy of Algorithms3.8.2021 16:30:00 EEST | Press release
IDEMIA, the global leader in augmented identity, announced today that the company ranked second for passenger identification in the latest testing by the National Institute of Standards (NIST), confirming that IDEMIA’s facial recognition technology and algorithms are among the most accurate, fair and consistent in market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210803005333/en/ Credits : IDEMIA The test focuses on ‘Identification for Paperless Travel and Immigration’ and is part of the ongoing Facial Recognition Vendor Test (FRVT) managed by NIST. The exercise simulated departing flights, populating galleries with photos of 420 arriving travelers at the airport, then measuring accuracy by running searches of photos at departure. IDEMIA’s technology conducted 536 simulated aircraft boardings, without experiencing a single false negative, which translates to a secure and frictionless boarding experience for passengers.
New Enhancements to OPEX® Sure Sort® Robotic Sorting System Expand Capabilities and Increase Productivity for Warehouse Automation Customers3.8.2021 16:10:00 EEST | Press release
OPEX® Corporation, a leading provider of innovative warehouse automation solutions worldwide, has made enhancements to one of its most popular products to better meet warehouse customers’ needs. First introduced in 2017, the Sure Sort® small-item robotic sorting system has revolutionized order fulfillment in e-commerce distribution centers worldwide due to its compact array of sort locations that can be scaled, sized, and customized in the small footprint of a single-pass put wall. Sure Sort quickly and accurately processes up to 2,400 items per hour with limited labor. Sure Sort easily directs a wide range of items, including cylindrical, clear, plastic bagged and blister pack items less than five pounds each. It can handle items as small as two inches in length and width and can support products as large as 15 inches long, 12 inches wide, and 6 inches high thanks to the new modifications OPEX just made. “Sure Sort previously only handled items four inches high,” said Monty McVaugh, M
New Members Have Joined HD-PLC Alliance to Accelerate the HD-PLC Advancement Towards a Global Power Line Communication Standard3.8.2021 16:00:00 EEST | Press release
HD-PLC Alliance (*1), Fukuoka, Japan (Alliance) announced that 4 newcomers has joined the alliance this year. The member list on Alliance website was updated as follows; MicroChip Technology as Supporter since July, is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve more than 120,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Microchip is headquartered in Chandler, Arizona. LVX Global, as Supporter since May, is an international technology solutions business that identifies, designs, delivers and manages high value, scalable, replicable social outcomes at the intersection of technology, engineering, and human behavioural science. Helvetia, as Standard since May, is a Japanes
SoftServe Opens New Office in Dubai3.8.2021 14:05:00 EEST | Press release
SoftServe, a leading global digital authority and consulting company, has opened a new office in Dubai as part of its initiative to support the rapidly expanding user base in the Middle East. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210803005011/en/ (Graphic: Business Wire) SoftServe has been supporting customers in the region since 2018, delivering solutions for large conglomerate customers in the retail, finance, and energy sectors. As a developing and dynamic hub for investment with a growing population and considerable opportunity for activity in the non-oil sectors, the Middle East plays a crucial role in SoftServe’s growth strategy. The new office is located at Building No. 16, Dubai Internet City, Dubai, United Arab Emirates. “We are excited to bring our expertise to meet the growing demand for software development and digital transformation in this region,” says Volodymyr Semenyshyn, Executive Vice President EM
DigitalEd Announces Growth Investment From PSG3.8.2021 14:00:00 EEST | Press release
Today, DigitalEd announces a growth investment from PSG; a leading growth equity firm partnering with middle-market software and technology-enabled services companies. DigitalEd provides a SaaS-based digital learning platform called Möbius, focusing on science, technology, engineering and mathematics (STEM) education. PSG is DigitalEd’s sole outside investor. Financial terms were not disclosed. DigitalEd was founded in 2018 with a simple and resonant mission - to shape the world through digital learning. DigitalEd provides individual learning, in a shared world, allowing students to acquire knowledge at a guided, self-defined pace. DigitalEd currently supports over 300 educational institutions worldwide, administering over 20 million tests and assignments, supporting online learning for world-class universities, institutes of technology, and community colleges. Möbius is an innovative and comprehensive platform for STEM education. The platform is designed to reduce the time educators n
Quanergy Demonstrates the Industry First OPA-based Solid State LiDAR with 100 Meter Range3.8.2021 13:00:00 EEST | Press release
Quanergy Systems, Inc., a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, today announced the successful driving demonstration of its S3 Series LiDAR, a true solid state LiDAR sensor using an industry-first Optical Phased Array (OPA) technology and a scalable CMOS silicon manufacturing process for cost-effective, mass-market production. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210803005475/en/ Quanergy Demonstrates the Industry First OPA-based Solid State LiDAR with 100 Meter Range (Photo: Business Wire) The demonstration was conducted in partnership with Zero Electric Vehicle Inc. (ZEV), an innovative sustainable energy company that provides fleet electrification and EV platforms for companies looking to maximize their existing assets while transitioning to electric transportation. For this test, a solid-state LiDAR test platform with single scanning beam was moun
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom