From paper to digital – SEB launches digital guarantees
SEB launches digital guarantees in Nordics and Germany, transforming trade finance with speed, security, and no paper hassle.
Guarantees
At SEB, we possess a deep knowledge and experience of the guarantee area.
Guarantees offer trading partners the assurance of SEB's commitment to pay a sum of money to a beneficiary in specified situations. A guarantee can be used to back up all kinds of transactions – commercial and financial, domestic as well as international.
Guarantees may be issued directly to your trading partner, the beneficiary, or indirectly via another bank. There are internationally agreed rules that can be used for guarantees. For demand guarantees SEB recommends the use of the ICC rules URDG 758 and for Standby Letters of Credit the ISP98 rules. These are internationally accepted and balanced between the involved parties, that is your company, your trading partner, SEB and sometimes another bank.
Digital Guarantees
A Digital Guarantee is like a traditional paper guarantee but in a digital format. Compared to paper-based guarantees our Digital Guarantees make the guarantee lifecycle more transparent and efficient for you and your trading partners.
SEB together with Digital Vault Services (DVS),), offer a ready to use and flexible solution for digital communication and digital guarantees. As an SEB guarantee customer you can either sign up for the full Guarantee Vault Platform solution or continue using your existing channel. Do not hesitate to contact your Sales representative for more information.
Benefits with digital guarantees
The guarantee is located in one place
To minimise the risk of losing the paper document, our digital guarantees are easily accessible and securely stored in the Guarantee Vault Platform
Efficient and fast
The processing of a digital guarantee is fast and seamless - from the initial application stage all the way to delivery to the beneficiary.
Improvement for the beneficiary
Compared to paper guarantees our digital guarantees are more convenient and efficient for the beneficiary with post-issuance activities included.
High security
Digital guarantees lower the risk for fraudulent documents and errors. The Guarantee Vault Platform meets high security standards and has been adopted by many banks, in addition to SEB.
Transparency for all parties
All parties involved in a digital guarantee have timely access to the same information, which significantly reduces the risk of discrepancies.
Post issuance activities included
A digital guarantee in the Guarantee Vault Platform also means increased efficiency and security in amendment, claims and release situations.
Contact our Trade Finance solutions experts
Our dedicated team of experts is here to guide you through the complexities of local market dynamics, finding flexible solutions to ensure that your business needs are met. Together with you, we will support your needs within Trade Finance across the globe.