COVID-19 has had a strong economic and social impact and the Spanish Government has decided to mitigate its effects through guarantees that facilitate credit and liquidity for companies and the self-employed. With 100,000 million euros, the Council of Ministers is activating these guarantees in different tranches. Companies and the self-employed will have access to these guarantees through their financial institutions, through the formalisation of new financing operations or the renewal of existing ones.

All of them will have to go to credit institutions, financial credit establishments, electronic money institutions or payment institutions from 18 March to 30 September 2020 to submit their application, which must meet certain requirements such as:
– According to ICO: that have their registered office in Spain, are not in bankruptcy proceedings or are not in arrears
– Depending on the financial institution: each will decide in accordance with its internal procedures and policies for granting and risks

This has led to a flood of applications from these companies and freelancers. The first tranche of 20,000 million euros was sold in just 2 days. Without going any further, CaixaBank received more than 90,000 applications for the first tranche. This means a huge amount of operations and documents to be processed in a short period of time.

This is where Serimag, together with Tessi, has set up services to help the most important financial institutions of Spain to carry out these operations. Specifically, for the review of all documentation provided after the application has been registered and in order to verify its type and validity, identify the customer and see that there is no late payments.

The productive system built starts from the integration for the reception of the mails with the requests, their management, processing and the return to the bank. All this is designed and integrated by Serimag’s systems and with the support of Tessi’s team for data recording. The production rate is very high, with forecasts of 300,000 applications processed monthly and made available to the entity to follow the processing flow.

And as Serimag’s constant aim is automation, work is already underway to be able to derive many of these operations to TAAD, our system for the automatic classification and extraction of documents through Artificial Intelligence techniques. Every improvement made in this field will be introduced into the system in a way that is transparent to the bank at the production level. The only change they will perceive will be a faster and cheaper production costs.

This project, like so many others, demonstrates Serimag’s capacity to offer document processing services to companies in a short space of time, with great production impact and with the highest levels of quality given the critical nature of the service.

Photo by Kaique Rocha in Pexels