Digital Guarantee Vault premiere in Austria
As the first Austrian bank, RBI issued a digital guarantee for its customer PORR AG by using the Guarantee Vault platform of Digital Vault Services (DVS).
Guarantee Vault digitizes the traditional paper-based process through central digital issuance and storage. Guarantees are ordered, stored and processed electronically, and all counterparties communicate via the platform.
"The Guarantee Vault is another innovative solution in trade finance digitization centralizing the issuance of guarantees and improving efficiency throughout the guarantee’s life-cycle for the benefit of both applicant and beneficiary.
We are proud to be the first Austrian bank to perform a live transaction via the Guarantee Vault and be part of the platform supporting us and our clients in the pursuit of a fully digital guarantee handling," said Martina Zimmerl, Head of RBI’s Trade Finance department.
"The successful cooperation with DVS and RBI and the associated roll-out of the Guarantee Vault not only allows us to centrally manage our whole guarantee portfolio, but also increases our speed, efficiency and transparency in the entire process", said Alfred Gabler, Head of Group Treasury at PORR AG.
"We spent two years collaborating with a working group of 16 leaders from major corporations, banks and credit insurance companies to develop the best solution for centrally issuing and storing of instruments such as bank guarantees, surety bonds and standby letters of credit. We are very happy to see our product go live," said Felix Scholle, Sales Director at DVS.
Driving innovation for excellence – that’s what PORR stands for since already over 150 years. With around 20,000 employees and a production output of around EUR 5.2 billion (as at 31.12.2020), it is one of the largest construction companies in Austria and among Europe’s leading providers in the sector. As a full-service provider, PORR offers every service in building construction, civil engineering and infrastructure construction, covering the entire value chain. Find more information at porr-group.com.
Founded in 2019, Munich-based Digital Vault Services GmbH (DVS) is an SaaS provider offering Guarantee Vault, a place for issuance and safekeeping of digital guarantees. Guarantee Vault is a true market initiative and the result of a two-year collaboration with 16 leaders of major corporates, banks and credit insurance companies.