Volody set up contract management software to support LIBOR transition

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Volody is an on-cloud enterprise software product company which caters to the need of General Counsels, Compliance officer, as well as the CEO office. It was launched in May 2015, headquartered in Mumbai, and slowly it expanded to New York.

LIBOR which is the most commonly used benchmark interest rate across a wider range of financial product which includes syndicated loans, consumer products, derivatives as well as security deposits. As the new reference rate was about to come into effect from January 2022 onwards so banks and other financial institutions must take measures for the assessment of the impact of the LIBOR transition as well as initiating the measures to address them.

For this Volody, CLM software which has inbuilt features and functions for easy searching as well as contact retrieval. It has also an advanced and upgraded system for uploading of contacts in any form and converting it into words to discover LIBOR clauses in legacy contracts requiring immediate amendment. The AI & ML embedded environment provided by Volody provides a unique proposition tool to its CLM approach which enables smooth transition, compliance as well as stability for the banking industry.

Hence LIBOR demise is bringing a lot of challenges such as transition handling as well as contract validation issues. So they aim that the business should be well prepared before the LIBOR transition. To improve this, they have come up with the concept of a Unique Contract Life-cycle management solution that was said by Dinesh Sharma, Founder of Volody.

As we know legal contracts are the pillar in every organisation so the brands must cope up with their continuous innovation in this changing technological era. It will prove to be a smart approach for enterprises to jump-start their LIBOR transition journey as Volody supports them in smooth transition throughout their journey.

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