Upping the game – Revolutionising guarantees
DVS & PwC Whitepaper 2021: Digital solution that will make it faster, safer and simpler to execute a guarantee
The bank guarantee is a pillar of the financial system. Businesses around the world and across all industries - particularly in construction, engineering and retail – rely on guarantees from their banks and credit insurers to be able to maintain and grow their trade. However, the processing of paper-based guarantees has traditionally been a painfully manual endeavour. Consuming both time and patience, back-and-forth sign-off procedures can take weeks to conclude. It is clear that a more digital approach could reduce the risk of errors and significantly increase efficiency and speed of execution. Focusing on the experience of major players (leading corporates, banks and credit insurers) in the international markets, PwC has developed an independent perspective on the current guarantee landscape in Germany and Austria. This whitepaper is based on the results of a survey of the working group members of Digital Vault Services GmbH (DVS), interviews with market leaders and PwC’s in-house expertise and market knowledge.