Serimag gives impetus to the processing of ICO guarantee applications

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 to companies and the self-employed. Endowed with 100 billion euros, the Council of Ministers is activating these guarantees in tranches. Companies and the self-employed will have access to these guarantees through their financial institutions, through the formalization of new financing operations or the renewal of existing ones.

All of them must apply to credit institutions, financial credit establishments, electronic money institutions or payment institutions from March 18 until September 30, 2020 to make their application, which must meet certain requirements such as:
– According to ICO: they must have their registered office in Spain, not be in bankruptcy proceedings and not be in default of payment.
– Depending on the financial institution: each one will decide according to its internal procedures and risk and concession policies.

This has led to a flood of applications from these companies and freelancers. The first tranche of €20 billion was marketed in just 2 days. CaixaBank, for example, received more than 90,000 applications for the first tranche. This means a huge amount of operations and documents to process in short periods of time.

This is where Serimag, together with Tessi, has put in place services to help the most important entities in the country to exit these operations. Specifically for the review of all the documentation provided after the registration of the application and with the objective of verifying its typology, validity, identifying the client and verifying that there is no type of delinquency.

The productive system built part of the integration for the reception of mails with requests, their management, processing and return to the entity. All this designed and integrated by Serimag systems and supported by the Tessi team for data recording. The production rate is extremely high, with an estimated 300,000 applications processed monthly and made available to the entity for further processing.

And as Serimag’s constant goal is automation, we are already working to be able to derive many of these operations to TAAD, our automatic document classification and extraction system through Artificial Intelligence techniques. Every advance made in this field will be entered into the system transparently to the entity at the production level. The only change for the better that you will perceive will be faster and cheaper production costs.

This project, like many others, shows Serimag’s capacity to offer document processing services to companies in a short period of time, with great productive impact and with the highest levels of quality given the criticality of the service.