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At a time when COVID-19 has intensified the use of digital operations

Bankia, together with Endesa and OMIE, issue the first fully digital bank guarantee for businesses

Bankia, in collaboration with Endesa and OMIE (Iberian electricity market operator), have issued the first fully digital bank guarantee for businesses, generating an XML file with incorporated electronic signatures.

Bankia Comunicación

By  Bankia Comunicación

Publish on 
22 December 2020 - 00:00

  • The new guarantee generates a file in XML format with incorporated electronic signatures, allowing all data in the document to be incorporated into both the beneficiary's and the company's computer systems. This provides complete traceability and security to the operation, as well as easing its handling
  • This new format will allow traditional paper guarantees to be replaced, thus solving any storage or manual management problems for companies
  • To provide greater security for the issuance of digital guarantees, Bankia generates a secure verification code for each document and deposits them at the Spanish Mint (Fábrica Nacional de Moneda y Timbre), an agency that acts as a trusted third party, safeguards the guarantee and offers guarantees to verify its authenticity

Endesa have launched this new guarantee on the OMIE website, in which all guarantee data is automatically entered into their systems.

The three companies, convinced of the need to take this step in the market, have agreed to address this innovation and digitalisation project, which will allow traditional paperguarantees to be replaced with guarantees in this digital format.

Bank guarantees are a highly developed financial product. However, to this day, they are still largely supported by paper documents of bank attorneys’ signatures. This entails several drawbacks regarding the physical handling of the documents, verification of signatures and lack of flexibility to modify data.

During recent years, issuing digital guarantees has become more and more possible through PDF files which incorporate digital signatures. With the circumstances caused by the COVID-19 pandemic, the use of these types of digital guarantees has intensified, in order to prevent the exchange of paper and the need to deliver the document physically to the guarantee's beneficiary. However, this file format (PDF) does not allow the guarantee data to be automatically entered into the computer systems of the companies involved.

"Through this project, we are going one step further on this interesting path towards comprehensive digitalisation. Digital guarantees in XML format, in addition to offering a replacement to paper and what its storage entails for companies, allow all guarantee data to be automatically registered in both the beneficiary and the company’s computer systems. This makes the operation fully traceable and secure, and eases all its administrative handling”, says Mauro Fernández, director of Products and Services of Bankia Companies.

OMIE is the organisation responsible for developing the technology for this new electronic guarantee model, designed for the electricity market. Bankia was the first financial institution to adapt its operations in order to implement and offer this type of guarantee to customers, "which has enormous potential for development, not only for electricity companies, but also for companies in any economic sector", stresses Mauro Fernández.

To provide greater security for the issuance of digital guarantees, Bankia generates a secure verification code (CSV) for each guarantee and deposits them at the Spanish Mint (FNMT), an agency that acts as a trusted third party, safeguarding the document and offering guarantees to verify the authenticity of the guarantee.

Bankia handles guarantees amounting to close to 13,000 million euros each year, which represents a market share of close to 10.5% and "given their advantages, we hope that all of this will migrate progressively to the new type of digital guarantee in XML format”, concludes Bankia's Director of Products and Services.

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