Multinational corporates who deal with multiple banks face problems when they need to create a new signatory or amend an existing set-up, or when they need to gain an overview of who can sign for what – especially for audit purposes.
Creating or amending signatories is problematic because the requirements of each bank are not always clearly stated and requirements can differ.
This means that the corporate employee tasked with making the change often has to contact each bank, find out what the requirements are, and then complete the required forms and source the requested documents.
As a result, the likelihood of getting the process right first time is fairly low, says Rob Lunn, head of banking relationships at Delega, which has developed a signatory management tool that stores and manages a central list of current signatories.
Different banks … frequently store data on signatory rights in different systems and databases
This can then be shared with chosen banks, ensuring an up-to-date record of signatory information.
“Different banks – and even different international branches of the same bank – frequently store data on signatory rights in different systems and databases,” he says.
“Since
