Smart document workflow and collaboration platform ClauseMatch is being rolled out at Barclays after taking part in the banks inaugural startup accelerator programme, as the London-based startup today (29 March) announces the launch and global availability of its online editor.
Tailored to the specific needs of financial institutions, ClauseMatch provides a single platform for global teams tasked with monitoring regulations and updating internal frameworks, policies and standards. The ClauseMatch platform will enable Barclays to manage the lifecycle of these documents in one place on a global scale.
The platform appears to go a long way towards solving the industry challenge of how to move away from a fragmented workflow by means of Word documents, PDFs and e-mails, replacing them with a single, comprehensible solution. While consumers already widely embrace online collaboration tools as the easier and more efficient option, big businesses still struggle to untangle decades of legacy processes.
“We are thrilled to be working with ClauseMatch and witnessing their progress after the Barclays Accelerator program,” said Steven Burman, global head of compliance operations and frameworks at Barclays. “Their platform will enable us to manage all of our global policies and standards more efficiently and effectively across the bank while providing the potential to link to other solutions easily through their API. In large complex organisations, document management can be challenging and so it is great that the industry is innovating to make things easier.”
“We started ClauseMatch out of the frustration that we experienced in large financial institutions when working on complex documentation with many stakeholders,” said ClauseMatch CEO and founder Evgeny Likhoded. “After a decade negotiating agreements, we wanted to find a new solution that could fix this broken and fragmented process, which seemed completely inefficient: sending multiple versions of documents to each other, storing comments and approvals in emails. It all led to a lack of transparency, inexistent audit trail and inaccessible content in documents. Management had no overview of issues and bottlenecks and regulators wanted to see deviations and approvals of non-standard terms, which had to be recorded manually.
“We are excited to pioneer a real transformation in policy management processes, allowing banks to achieve their goals.”