ClauseMatch has announced that it now operational at Intesa Sanpaolo. The partnership is said to be the genesis of a meeting at Fintech Innovation Lab hosted by the Bank. A Proof of Concept soon followed.
The ClauseMatch platform is currently being used by Barclays and Revolut as well to automate their compliance documentation.
According to a note from the company the Bank’s objective in its “Open Innovation” path is to experiment with innovative Fintech solutions to create digital services for the Bank.
After ClauseMatch passed all internal IT security and compliance checks, Intesa Sanpaolo then implemented the platform within the Cost Management Office governance area, which is an online document management and collaboration solution, adapted to optimize and streamline the process of creating and managing intragroup service contracts.
Intesa Sanpaolo also manages intra-group service contracts between internal suppliers and about 70 Customers between Business Units and Legal Entities of the Italian and Foreign Group.
Clausematch explained that the initial requirement was to identify a solution that would simplify the process of the annual renewal of service contracts. To do this, it was necessary to eliminate the exchange of documents by email with a complex structure of customers and products to then reduce operational activities of updating the system previously used to generate such contracts.
The results of the Proof Of Concept was said to have impressed stakeholders with the ability and speed of ClauseMatch to adapt their solution to the specific needs of Intesa Sanpaolo.
Evgeny Likhoded, ClauseMatch CEO & Founder, said that banks and other large financial services firms are looking for “next-generation solutions for different aspects of their business.”
“The Intesa Sanpaolo case shows how a RegTech company can first and foremost significantly optimize its business processes”, said Likhoded.
ClauseMatch is a 2014 graduate of the inaugural Barclays accelerator program, BBVA Open Talent challenge winner, and is in the top 10 Regtech companies selected by Dow Jones, Financial News, FinTech50 company by FinTechCity and in the 2018 CB Insights list of the most promising Fintech companies globally.
ClauseMatch has been working with Barclays on global policy management and compliance since 2017.