FAQ

General

1. What is a digital guarantee?

A Digital Guarantee is an instrument such as a Bank Guarantee, Surety Bond or Standby Letter of Credit issued in an electronic (paperless) form.

2. What is Guarantee Vault?

Guarantee Vault is a place for the issuance and safekeeping of all your digital guarantees.

3. Which types of guarantees can be processed with the Guarantee Vault?

All types of guarantees and sureties, including corporate guarantees and standby letters of credit are capable of being applied for, issued, managed and securely stored via the Guarantee Vault. All can be issued in both ways through the Vault, as digital or as physical guarantee. And even in case of an indirect guarantee, the primary bank can be instructed with Guarantee Vault; only the primary bank’s counter-liability to the beneficiary’s local bank remains traditional.

4. How does the Guarantee Vault work?

Guarantee Vault facilitates the central issuance and storage of digital guarantees by removing paper and fully digitising the process. Any post-issuance events within a guarantee (e.g. issuance, amendment, release, claim) is digitally mirrored and all stakeholders (applicant, guarantor, beneficiary) have real-time control of their guarantees. You can link your existing guarantee-management-system via an API or simply use our intuitive Web Interface.

5. How do I get started with Guarantee Vault?

Once you get in contact with us via phone or e-mail, the process will begin with our sales department where you will be provided with all the necessary information as well as a demo on demand. After signing the contract, you will be introduced to your personal Client Onboarding Manager who will align on the Guarantee Vault account registration and will support you on the way to your first digital guarantee. We provide a fast and efficient, ready to use, web interface for your guarantee needs or the easy-to-use API to seamlessly connect to your back-office system.

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6. Web-Interface or API – what is the key difference and which solution is the right one for my company?

Both the Web-Interface and the API provide the same functionality for the end-to-end processing and safekeeping of your digital guarantees. The Web-Interface is accessible through your web browser and has no connectivity to your existing backend system, whereas the API solution grants direct and seamless access to the Guarantee Vault Platform and all of its features straight from your existing Trade Finance and/or ERP system

7. Is my business too small to use Guarantee Vault?

Whether you manage a few guarantees a year or process thousands of guarantees a month, the Guarantee Vault allows you to manage your guarantees digitally from end-to-end without the need for additional software.

8. Why should I use Guarantee Vault?

Guarantee Vault can help you improve your companies’ overall efficiency by enabling an end-to-end and fully digital handling of your entire guarantee process. This includes issuance, amendments, release, and claims. The entire process is transparent for all parties involved and the guarantees are safely stored on the Guarantee Vault.

9. How can Guarantee Vault help reduce my costs?

Research shows that on average more than 40% of costs savings are possible through the digitisation of documents. The Guarantee Vault is designed to digitise guarantees for your business, in doing so the costs of courier and postal fees are eliminated, the need for additional file management is removed and the labor intensity of paper-process is reduced. Removal of the courier process also reduces risk of loss due to postal mistakes and saves money correcting mistakes.

Read the full study conducted by PwC in cooperation with Digital Vault Services that illustrates potential cost savings with Guarantee Vault.

10. Can I get a preview of Guarantee Vault platform?

Yes, we offer individual demos where you can directly experience the management of digital guarantees with Guarantee Vault. You will learn about the core functionalities, features and benefits of Guarantee Vault.

API

11. How long does it take to integrate the GVP API and how much effort is it?

The effort and time needed for the API integration depends on your exisiting systems and infrastructure. We rely on common best practices and easy-to-use endpoints to minimise the effort on your side. By providing our extensive API documentation to the public as well as an integration guide and an OpenAPI specification, we make sure that all necessary information is available for your developers. Our Support Team and API Product Managers are available to answer your questions and to assist with your integration to the Guarantee Vault.

12. Why would I use Guarantee Vault Platform API?

If you are using a Trade Finance Platform, ERP software or a custom system – Guarantee Vault Platform API can be integrated easily and seamlessly. With the API in place, you can access Guarantee Vault directly through your system without any additional effort, simplifying and speeding up existing processes.

13. Can I connect Guarantee Vault to my existing portal/system?

Yes, our APIs enable a direct and seamless connection between your Trade Finance system and the Guarantee Vault using a suite of REST APIs.

14. Which guarantee types are available in the API?

All guarantee types that are available on Guarantee Vault are also available in the API: Bank guarantee, surety bond, standby letter of credit, corporate guarantee, corporate surety and comfort letter.

Digital guarantee management

15. How is it ensured that a guarantee request is sent directly to a specific guarantor?

As part of the onboarding, the applicant specifies all relevant banks and sureties. The sample of banks and sureties can be updated at any time if necessary. The applicant can easily select the named guarantors via a dropdown menu directly in the Guarantee Vault. A short and fully digital connection process on both sides also ensures that an applicant can select only a guarantor with whom they have a business relationship.

16. Does the beneficiary need to be registered on the Guarantee Vault to receive digital guarantees?

No, digital guarantees can also be issued to beneficiaries who are not registered on the Guarantee Vault (so called unregistered beneficiaries). However, to make full use of all benefits of digital guarantee management and safekeeping, you need to be registered. Beneficiaries can register on the Guarantee Vault.

17. How does Guarantee Vault ensure that only authorised signatories release guarantees?

If you use the Guarantee Vault via Web-Interface, you define an authorisation concept as part of your onboarding process. This ensures that only selected people are authorised to release guarantees. If you use the Vault via a portal or a multibank platform (e.g. TIP, GTC, etc.), the predefined authorisation concept remains unchanged. The same applies when connecting to an exisiting ERP system.

18. Is it possible to request traditional (paper-based) via Guarantee Vault?

Yes, Guarantee Vault offers the flexibility of both paper-based and digital guarantees. When requesting a guarantee, clients can choose between digital and traditional (physical) delivery. When requesting a physical delivery, a digital copy of the original document will be stored securely in the Guarantee Vault.

19. How long does it take from the request to the issuance of a digital guarantee?

Guarantee Vault allows for guarantee management in real-time throughout the entire guarantee-lifecycle. Subject to each Guarantor's requirements, it is possible for a guarantee to be requested and issued within minutes on the Guarantee Vault. For transparency and speed, once a guarantee has been issued it is instantly made available for all parties involved in the transactions. Real-time notifications ensure that all parties are always kept informed on the status of the guarantee.

20. How will I be notified about changes or requests made to my guarantee?

You will receive an email notification immediately once a change or request is made to your guarantee.

21. I am a Beneficiary, what can I do if I lost my guarantee?

A guarantee (digitally) issued through Guarantee Vault cannot be lost as it is safely stored directly on the Vault.

Onboarding

22. What support is available?

At Assuro Digital Services, we attach great importance to service and support. We offer extensive support throughout your journey towards digitisation and provide you with a personal Client Onboarding Manager to do so. You will receive 360 degrees support on all topics that might interest you while stepping into the digital guarantee era.

If you are interested in a demo or have questions regarding Guarantee Vault please contact us via info@assurodigitalservices.com.

If you are already registered on the Guarantee Vault, please contact your Relationship Manager.

FAQ

Frequently Asked Questions

General

API

Digital guarantee management

Onboarding