Business Wire

Digital Vault Services GmbH launches its market solution for Digital Guarantees

Share

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.

Contact information

For more information contact:
Marina Simmerl
PR & Marketing Manager
Digital Vault Services GmbH
Phone: +49 151 23204007
E-Mail: marina.simmerl@digitalvaultservices.com
Web: digitalvaultservices.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

C3.ai Digital Transformation Institute Announces Shell as New Industry Partner4.3.2021 20:00:00 CETPress release

The C3.ai Digital Transformation Institute (DTI) today announced that global energy company Shell is the newest industry partner to join the consortium of universities, national laboratories, and companies that make up the Institute. Shell’s Chief Scientist - Computation and Data Science Detlef Hohl will represent the company in the consortium. The DTI Industry Partner Program enables leading companies from around the world to engage with DTI researchers and activities and to contribute data sets that will be available for research after anonymization. Industry partners also are encouraged to engage with Institute researchers and collaborate on research projects as well as participate in DTI conferences. DTI recently released its second call for proposals to fund advanced research projects focused on applying digital transformation and AI to address energy and climate security. “Shell has established clear leadership in new energy, having laid out its ‘Powering Progress’ commitment to

Dole Launches “The Dole Way” Sustainability Campaign4.3.2021 19:22:00 CETPress release

Dole Food Company announced today the launching of an integrated sustainability campaign aimed at amplifying its commitment to the key enterprise-wide sustainability goals launched in 2020 under “The Dole Way.” As a leader in the produce industry for over 150 years, Dole believes in acting on its promise to increase sustainability, transparency, corporate responsibility and trust. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210304005912/en/ The Dole Way framework paves the way for further improvements in areas where Dole believes it can make the biggest positive impacts (Photo: Business Wire) “The Dole Way” campaign kicked-off with a live, internal event on February 25, led by Dole’s president and chief executive officer, Johan Linden, and will be sustained over the next several months through integrated earned and owned social media efforts. “The Dole Way” campaign illustrates a path of transformation that will recognize

Milliken & Company Appoints Cindy Boiter as Executive Vice President, Chemical Division President4.3.2021 18:00:00 CETPress release

Milliken & Company is pleased to announce Cindy Boiter has been promoted to executive vice president and president of Milliken’s Chemical Division. Effective March 15, she will step into the role currently held by David Moody as he transitions to a role outside of Milliken. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210304005823/en/ Cindy Boiter, newly announced executive vice president and president of Milliken's Chemical Division (Photo: Business Wire) “It is an exciting appointment for our company, as Cindy will become the first-ever woman division president at Milliken,” shares Halsey Cook, president and CEO for Milliken. “She is uniquely qualified to lead our chemical division thanks to her extensive experience in the division, the acquisitions she has completed and her embodiment of Milliken’s purpose.” Boiter joined Milliken’s Chemical Division in 2012 as marketing, strategy and business development director and p

Verimatrix Takes Home Two 2021 Gold Cybersecurity Excellence Awards4.3.2021 17:45:00 CETPress release

Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced it won two gold awards in this year’s Cybersecurity Excellence Awards program. Verimatrix Multi-DRM won in the Digital Rights Management (North America) category while Verimatrix’s Application Shielding suite of products were recognized in the Automotive Security IoT (North America) category. It marks the third straight year the company has received honors from the award program that pays tribute to a wide variety of cybersecurity companies spanning the world’s largest vendors to the most recent startups. Verimatrix’s code shielding and embedded security capabilities picked up kudos in previous years. “The automotive industry stands as a superb example of a vertical where Verimatrix uniquely addresses multiple cybersecurity needs – in this case, vital components such as keyless entry mobile apps and infotainment systems, said A

Andersen Global Strengthens Presence with Jordanian Tax Firm4.3.2021 15:30:00 CETPress release

Andersen Global enters into a Collaboration Agreement with Amman-based tax firm Al-Tillawi & Al-Khateeb Co., adding dimension to the existing capabilities of the organization’s member firm in Jordan. Founded in 1996, Al-Tillawi & Al-Khateeb Co. provides a wide range of tax and advisory services including corporate and family business, employment, mergers and acquisitions, outsourcing and social security as well as IT solutions. The firm, led by Managing Partner Waleed Al Tillawi, serves a broad clientele in industries such as power and energy, technology and communication, hotel and tourism, finance and retail. “Our team’s dedication to transparency and independence have been the driving forces behind the high-quality client services we provide,” Waleed said. “Collaborating with like-minded individuals at Andersen Global will allow us to take our service offerings to the next level and expand our reach more broadly. We look forward to working with the organization’s member and collabor

Business Finland Awarded Funding for Medicortex4.3.2021 15:08:00 CETPress release

Medicortex Finland Oy, a Finnish biotechnology company focusing on brain injury diagnostics and drug development, announces receiving funding from the Finnish government innovation funding branch Business Finland. The funds are meant to expedite the development of a medical diagnostic test to improve detection of traumatic brain injury (TBI) and concussion. Medicortex has discovered novel biomarkers of head injury in body fluids such as saliva and urine. The funding which covers 50% of the expenses will support a project consisting of the development of a test kit for easy and rapid detection of brain injury and concussion. The objective of the company’s biomarker program is to generate new means for early detection of brain injury, which is a global unresolved issue. Current methods of brain injury diagnostics which are based on neurological examination and imaging do not reliably detect mild injury, yet they can have implications that are fatal or develop into a chronic condition if

Kent County Council Switches to Rimini Street Support for its Oracle Applications and Database Software4.3.2021 15:05:00 CETPress release

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Kent County Council, the largest County Council in England, is switching support for its Oracle E-Business Suite 12.1 application and Oracle Database software to Rimini Street. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210304005642/en/ Kent County Council Switches to Rimini Street Support for its Oracle Applications and Database Software. (Photo: Business Wire) Digital Transformation Possible, Even with Constrained IT Budgets Like other public sector bodies in the UK, Kent County Council is under significant pressure to allocate its annual budget effectively to meet the challenges affecting the county. With 1,759 core users and 21,096 self-service users spread across the organization, as well as sch