London-based financial technology company, ClauseMatch, revealed on Wednesday that it is working with Barclays to onboard thousands of the bank’s staff to its online editor platform in 2017.
The link-up with Barclays has its origins in ClauseMatch successfully graduating from the inaugural Barclays Accelerator programme in 2014 – the same year in which ClauseMatch won a BBVA FinTech award.
As part of Wednesday’s announcement, ClauseMatch also revealed that its online editor platform is globally available. The platform allows companies to engage in smart document management facilitating big corporations in moving away from fragmented working processes relying on Word documents, PDFs and e-mails.
At its core, the platform contains a detailed workflow, where comments, approvals and changes become part of a full audit trail, providing full control of content.
ClauseMatch lists the benefits of its technology as helping “to streamline complex workflows, removing human errors, uncovering hidden risks and providing better insight for senior management.”
Global Head of Compliance Operations and Frameworks at Barclays, Steven Burman, said:
Their [ClauseMatch] platform will enable us to manage all of our global policies and standards more efficiently and effectively across the bank while providing the potential to link to other solutions easily through their API.
ClauseMatch has already onboarded 300 staff at Barclays in the past three months.
ClauseMatch CEO and Founder, Evgeny Likhoded, commented:
We started ClauseMatch out of the frustration that we experienced in large financial institutions when working on complex documentation with many stakeholders. After a decade negotiating agreements, we wanted to find a new solution that could fix this broken and fragmented process, which seemed completely inefficient: sending multiple versions of documents to each other, storing comments and approvals in emails. It all led to a lack of transparency, inexistent audit trail and inaccessible content in documents. Management had no overview of issues and bottlenecks and regulators wanted to see deviations and approvals of non-standard terms, which had to be recorded manually. We are excited to pioneer a real transformation in policy management processes, allowing banks to achieve their goals.
ClauseMatch is an award-winning London-based financial technology company that provides software-as-a-service platform for smart document management. ClauseMatch brings an unprecedented productivity for Compliance, Legal, Finance, Operations and Risk teams saving millions in terms of time and resources, while significantly reducing risk and providing accountability.