Upping the game – Revolutionising guarantees
The bank guarantee is a key building block in the financial system. Companies around the world and in diverse industries - especially construction, engineering and retail - rely on guarantees from their banks and credit insurers to maintain and expand their operations. Processing on paper-based guarantees has been a time-consuming manual process. The back-and-forth of approving guarantees can take weeks and takes time and patience. It is clear that a digital approach could reduce the risk of errors and significantly increase the efficiency and speed of processing. PwC has focused on the experience of key players (leading corporates, banks and credit insurers) in international markets and developed an independent perspective on the current bail-in landscape in Germany and Austria. This whitepaper is based on the results of a survey among the members of the Digital Vault Services GmbH (DVS) working group, interviews with market leaders and PwC's internal expertise and market knowledge. PwC has analysed the surety and guarantee sector in depth. It kicked off with a two-day meeting with more than 45 key players from leading companies in Germany and Austria.
This white paper is based on our research and the findings of Digital Vault Services GmbH (DVS) and is dedicated to the current issues related to digitalisation in trade finance. It acts as a guide for the future development of trade finance in the digital age and offers valuable insights to industry players. Here you can discover the potentials, challenges and benefits of digital transformation in trade finance.