PORR Group Digitizes Their Guarantee Business with Guarantee Vault – Austrian and International Guarantors Ready
MUNICH–(BUSINESS WIRE)– 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.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005787/en/
Contacts
For more information please contact:
Marina Simmerl
PR & Marketing Manager
Digital Vault Services GmbH, München
Telefon: +49 151 23204007
Email: marina.simmerl@digitalvaultservices.com
Web: digitalvaultservices.com