Quivalence cuts red tape for institutional banks by using existing intelligence held in the bank to create agreements with customers.
In institutional banking, contracting with customers takes way too long.
For institutional customers, the drafting of agreements appears to progress at a glacial pace. For each new agreement baseline documentation is prepared by the bank and sent to the customer’s lawyers. The negotiation process that follows is unnecessarily drawn out.
Time is wasted negotiating points that need no negotiation.
Often much of the information required for the agreement is already known, but documents are still negotiated point by point, until agreement is reached weeks later. The adoption of standard documentation has done little to shorten the time this takes.
This costs everyone money. Big money.
Quivalence estimates that industry-wide, the cost of preparing standard form agreements exceeds $5 billion per year.