LIBOR Transition

WorkFusion’s Intelligent Automation solution enables companies to expedite LIBOR transition with an end-to-end approach, drastically reducing manual work and conduct risk.
Intelligent solutions for LIBOR transition
LIBOR Document Analysis and Data Extraction
Understand your exposure to LIBOR by analyzing and extracting key data points within your financial ...
LIBOR Document Analysis and Data Extraction
Understand your exposure to LIBOR by analyzing and extracting key data points within your financial documents. By digitizing your documents and using ...
LIBOR Document Grouping
Understand the impact of LIBOR on your existing positions by grouping affected documents and calcula...
LIBOR Document Grouping
Understand the impact of LIBOR on your existing positions by grouping affected documents and calculating your exposure. Analyze which documents are af...
LIBOR Document Re-papering
Repaper documents affected by LIBOR by automatically checking clauses with impacted positions and id...
LIBOR Document Re-papering
Repaper documents affected by LIBOR by automatically checking clauses with impacted positions and identifying any differences. Move documentation forw...
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LIBOR Automation brochure

Get Ready for LIBOR Transition

Learn more about the challenges that LIBOR transition poses for financial institutions and how Intelligent Automation can help companies solve them.

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What’s at stake?

There is an estimated US$350 trillions of swaps, mortgage, loan and bond contracts that should be transitioned to risk-free rates by the end of 2021. There is a significant pressure on firms to develop a solution that allows them to review and update legacy documentation accurately and efficiently by the deadline, otherwise, the contracts could be void. 

Numerous challenges must be addressed

1
Extensive volumes of legacy documents
With millions of documents referencing LIBOR, manually repapering legacy documents means significant costs and a higher risk of human errors.
2
Varied document formats and language
Formats and language between documents may be different. Thus, each would have to be reviewed individually.
3
Increased exposure to conduct risk
Conduct risks may arise due to transfer value change, information asymmetries, and client disclosures not being fair and clear.
4
Multiple data formats and storage locations
Legacy documents may not be available in digital format and could be stored on different systems and servers, creating retrieval and processing challenges.
Some say only two things in life are guaranteed: death and taxes.  But I think there are three: death, taxes, and the end of LIBOR. While some institutions are making good progress, others are sticking their metaphorical heads in the sand, hoping the issue will go away.

John Williams
President and CEO, Federal Reserve Bank of New York

Source: The Financial Times, 23 September 2019

How WorkFusion can help

WorkFusion’s pre-packaged Intelligent Automation solutions enable companies to develop an end-to-end approach for legacy LIBOR documentation, which can overcome expected LIBOR transition challenges, drastically reducing manual work, and conduct risk.

  • Document Analysis and Data Extraction collates and digitizes legacy documentation, analyzes clauses, and extracts relevant terms.
  • Document Grouping groups documents, reconciles positions and calculates exposure.
  • Document Repapering updates terms, handles exceptions, and agree documents with relevant counterparties.

Why WorkFusion

The world’s top financial services organizations rely on WorkFusion to intelligently process millions of documents every day.

  • Tailored Solutions

    Bots ingest and analyze documents, deal with amended terms, reflect position changes in systems, and agree documents with relevant counterparties.

  • Intelligent Automation

    WorkFusion’s solutions integrate with existing systems, processes and teams, providing a single dashboard for quality control, analytics and insights.

  • Fastest Time to Value

    Implementation can be compared to onboarding a new employee, with a solution fully in production in under 12 weeks.

Need help?
Talk to our automation experts.
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.