We believe that 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. Since February 2020, Delega has brought together a selection of multinational banks and large corporates in a single working group with the mission of defining a common objective and creating well-established operational standards. Delega – as the fintech – has the role of ‘honest broker’ between corporates and banks.
Delega’s platform has been co-designed by all parties involved, with experienced treasury practitioners always in the lead in defining what the system should do and how.
Working Group
Delega built the platform involving ideas and suggestions from experienced senior treasury professionals and banks from day one. In 2020, Delega set out to co-define the solution and organised a working group with eight large corporations and two international banks.
Bringing together major players, the Delega team collaborated with users to define their requirements and future standards. By finding common ground, the solution works for everyone.
Proof of Concept
In 2021, Delega announced the successful completion of a POC together with Deutsche Bank, Barclays and some multinational corporations including Salesforce, Siemens and the International Air Transport Association (IATA).
During the POC, corporate banking clients benefited from greater transparency and a clear view of the supporting documents each participating bank required.
Digitalising the exchange of the documents enforced a 'first time right' approach in the process. This strengthened the use case of a multi-bank solution that enabled corporate participants to follow a single workflow process in compliance with the different regulatory and policy requirements of individual banks.
The POC also proved that - using the Delega tool - both banks and their corporate customers had exactly the same view, in real time, of which signatories held which authority levels. This eliminated the need for extensive interaction and communication normally needed by large multinationals during an audit to prove who can sign for what, and with which bank.
With the POC, we proved that the digital signatory management workflows represented a significant efficiency gain over the tools and processes already available in the market.
Go-Live
During the third quarter of 2022, we launched the Delega EMEA Pilot with key collaboration partners like Deutsche Bank, Barclays and Siemens. Armed with feedback from banks and corporates, we expanded the features and functions to improve the user experience and enable seamless signatory management. With our polished product now available on the market, we’re expanding into new geographic areas. At the same time, we continue to refine Delega based on ongoing collaboration with the treasury community.
Delega is the result of shared work and community effort and will continue to evolve through our collaborative approach.
It’s how we’ll ensure maximum scalability and growth potential for all users and stay true to our aim of optimizing value potential for participants.
Now, no matter if you’re a corporate treasurer or a bank, you’re just a click away from simplifying your life.