Managing signatory rights is a well-known challenge for both corporates and banks around the world. But until recently, little progress has been made in creating innovative, integrated solutions to this issue. We believe that an industry problems need industry solutions. That’s why Delega is harnessing the power of co-creation to build a solution that works for all parties.
Bringing together a selection of multinational banks and corporates in one working group, we’re collaborating with users to define their current requirements and future standards. By finding common ground, we’re building a solution that finally works for everyone.
setting up and managing signatories tends
to be a paper-based and repetitive task.
Creating delegations of authority for users – essential when those users need to interact and operate with banks – can be a lengthy process which requires extensive supporting documentation. What’s more, each bank will have its own set of rules and procedures.
Treasurers often lack transparency over their current signatories. Banks can take weeks to provide the necessary information – and even then, the information they provide may not be up to date. With audit requirements becoming more stringent, there’s a pressing need for companies to gain better control over this area.
the time implications of managing signatory data can also be significant – and with a lack of visibility over clients’ mandates, banks may struggle to respond to client requests in a timely fashion. This can result in a poor customer experience.
This issue has been overlooked for years.