We’re expanding our ecosystem of technology and data partners with a partnership with GIACT, an industry leader in digital identity, payments verification, and fraud prevention. GIACT, which is a Refinitiv company, offers customer intelligence for complete identity and payment confidence.
Building the future of computable contracts together
For many companies, this year of change has meant a greater focus on cost management and on the user experience to accommodate virtual dealings. Our small business customers have sought to quicken the speed of customer transactions and payment cycles, with real-time verification of ACH data during e-signature. Larger organizations have had the challenge of enabling remote work at scale with broad technology rollouts. I recently learned that a large U.S. financial services firm we’re working with planned to double the volume of e-signature envelopes it sent out in a year in one of its consumer businesses (in the hundreds of thousands). Clause technology, providing real-time verification inside those envelopes, helped make possible this planned rise in scale by collapsing the post-signature data processing and audit steps into the e-signing phase. The significant increase in documents signed was met by virtually no expected increase in manual labor to audit the greater mass of data captured.
None of this would be possible without ecosystem partners like GIACT. The Clause conception of an agreement—a natively digital document that can connect natural language text to software systems via API—requires, broadly speaking, two types of systems: systems used within businesses to manage their data (think CRM, ERP, CLM, and e-signature platforms) and systems outside of businesses relied upon for up-to-date information. What Clause’s partnership with GIACT means for users is an out-of-the-box integration to trusted sources of customer identity and bank account information.
“Clause is paving a unique road into agreements and contracts with its smart technology, and we know how important our data can be to protect companies and their customers during the contracting touchpoint. We look forward to working with Clause to serve our customers better with this integration.”
- Ben Campbell, SVP of Sales, GIACT
Fraud prevention inside the agreement
Our integration allows information entered by signers into agreements to be securely passed onto GIACT’s API service to run real-time verifications, including:
- Reported status of bank accounts
- Bank account owner using person or business name, tax IDs, date of birth, phone number, or address
- Available funds in a bank account
- Sanctions lists, including the U.S. Office of Foreign Assets Control (OFAC)
- Identity of customers using a broad, holistic set of data points and sources
Integrating with an ecosystem of data providers
In the year since the initial release of Clause Verify, we’ve seen how organizations rely upon external data vendors to run their business. A great many companies need authoritative sources of data to verify and render actionable the data they gather in their e-signature forms and contracts. These partners are critical for unlocking core product experiences for customers (e.g. lenders’ loan and credit applications), meeting regulatory requirements (e.g. KYC/AML), and catching fraudulent activity. What we’re realizing together is that the way organizations use this purchased data today leaves much to be desired. It is often too late in the process: post-signature, after customers have completed agreements and are no longer engaged. It all too often requires manual effort to use—and I mean on a recurring, per verification basis, not only for implementation.
This gap between where companies typically use such data today and where that data could be used— within smart agreements—is what joins and excites Clause and GIACT. Clause Verify is the entry point for trusted data into the agreement. GIACT provides trusted data to more than a thousand leading enterprises, financial services firms, insurance companies, and payment merchants.
With GIACT, Clause Verify now supports new use cases across customer onboarding documents, loan applications, payment authorization forms, and wherever agreements ask signers to provide identity, financial, and payment information.
You can build your own smart agreement connected to GIACT with a 30-day trial. Start here.