- The new software will aid the banks and financial institutions in contract retrieval and discovery of LIBOR clauses and further enable them to use AI and ML based features for smooth transition to new reference rate replacing LIBOR
Despite the economic disruption of COVID-19, the clock is ticking toward the end of 2021, when the London Interbank Offered Rate (LIBOR) is slated to conclude. LIBOR is the most commonly used benchmark interest rate across a wide range of financial products, including syndicated loans, consumer products, derivatives and securitisations. Since the new reference rate will come into force in January 2022, banks and financial institutions must take steps to assess the impact of LIBOR transition and initiate measures to address them. Volody, a leading on-cloud enterprise software product company introduces its Contract Lifecycle Management Software with an aim to digitise and amend existing contracts using machine learning technology.
Volody CLM software has built-in features and functionalities for an easy search and retrieval of contracts. It has an advanced system to upload existing contracts in any form, convert it into words and enable discovery of LIBOR clauses in legacy contracts requiring immediate amendment. The AI and ML features which can be provided by Volody make the CLM tool a unique proposition. Associating with Volody will ensure smooth transition, stability and compliance for banking industry.
In the words of Dinesh Sharma, Founder, Volody, “We believe LIBOR demise is bringing lot of challenges to banking industry handling the transition and effecting the changes to existing contracts to ensure validity of contracts. Considering there are about $400 trillion running into tens of millions of legal contracts across global businesses the solution has to be smart, advanced and robust. Therefore, we aim that the businesses should be well prepared before the transition of LIBOR; hence, we have come up with our unique Contract lifecycle management solution.”
With the legal contracts being the pillar of any organisation, it is imperative for brands to evolve with the transforming technology and level up to match the pace with the updated reforms. Thus, it would be a smart choice to adopt this new solution for enterprises to jumpstart the LIBOR transition journey and make wiser decisions as Volody supports them on their way to smooth LIBOR transition.
Volody is an on-cloud enterprise software product company. It caters the need of General Counsels, Compliance Officers and CEO Office helping them with enterprise software. Launched in May 2015, the brand is headquartered in Mumbai and is further expanding its horizons with its offices branching out in New York, USA. Volody provides the corporate legal and compliance executives with a quick, robust, and scalable solution, with unique features on legal and compliance management solutions, armed with the latest technologies on artificial intelligence & machine learning. Also, it is the only company with a bouquet of products which are best suited for legal & compliance functions. Volody accommodates software features and functionality with an objective to minimise changes in existing processes and make the solution live in minimum time.