Challenge
LIBOR has served as the key interest rate benchmark for several currencies around the world. However, after regulators announced a full-scale LIBOR phaseout by 2021 following a manipulation scandal, it became mandatory for banks and financial institutions to move to alternative reference rates. Besides the expected transition challenges such as remediation and amendment of existing contracts, the phaseout has forced banks and financial institutions to redraw all existing functions and strategies.
Solutions
Designed as a one-stop-shop for seamless transition to new reference rates, the TCS LIBOR Transition Workbench© is an AI-based solution that guarantees end-to-end contract remediation to banks and financial institutions by automating core functions such as contract analysis, clause extraction, draft contract creation, contract execution and archival, etc.
Built on a cognitive platform, the TCS LIBOR Transition Workbench© helps ease LIBOR transition challenges for banks. Aiming to make LIBOR phaseout a smooth experience for financial institutions, the solution eliminates manual intervention in contract sharing activities and tracking of client feedback and eases transition process across all levels for an enterprise. With features such as Adaptive Knowledge Bank, Smart Email Case Management, and DMS Connector, the platform automates client outreach by building business-specific workflows.
Benefits
With the TCS LIBOR Transition Workbench©, banks and financial organizations can reap the following benefits:
Automate all activities such as contract sharing, LIBOR clause identification, etc.
Augment human capabilities to remediate contracts across the organization
Track LIBOR transition at all levels – enterprise, business function, and contract
Review platform generated amendments/re-papered contracts to make necessary changes
Automate the creation of initial drafts of the amended and re-papered contracts
