Virgin Money is a major financial institution with millions of customers — and, correspondingly, many legal agreements subject to LIBOR repapering regulations.
To address their need for a custom automated solution, they enlisted global law firm Addleshaw Goddard, in collaboration with BRYTER, which led to a successful repapering process for the bank in a short timeframe and under budget.
Addressing global repapering requirements
Like many major banks, Virgin Money was subject to requirements to transition business customers away from the LIBOR reference rate before the end of 2021. With approximately 4,000 commercial loans to review and 2,500 to amend, update, and send to customers for approval, the bank needed an automated solution, but nothing was available off-the-shelf that could address every need. They enlisted Addleshaw Goddard to find an answer for the challenge.
The power and flexibility of BRYTER allowed us to intelligently integrate all of the tools used in the repapering process so it could be fully automated end-to-end — enabling Virgin Money to complete the process quickly and easily.
Elliot White, Head of Innovation & Legal Technology Operations at Addleshaw Goddard
Addleshaw Goddard created a solution integrating BRYTER, the no-code automation platform, with HighQ, Kira and DocuSign to lighten their customers’ administrative burden in a short time frame and within a tight budget. The team re-uploaded Virgin Money’s entire document set and applied the new technology to amend them automatically.
Mike Kennedy, Senior Manager R&D at Addleshaw Goddard, explains: “The integration of BRYTER with the other core technologies enabled us to: seamlessly perform due diligence on several hundred of the most complex loan agreements; select the right amendment letters; populate these letters with the correct information; and send amendment letters electronically to customers for approval and signing. Signed amendment letters were automatically returned to the platform and status updates were also automatically recorded and reconciled to Virgin Money’s SharePoint at the end of every working day.”
What’s next?
Michael Grupp, CEO of BRYTER, says: “Automating complex, laborious, and time-intensive manual processes like LIBOR repapering is the future of legal work, and Addleshaw Goddard and Virgin Money have embraced this mindset with their innovative new platform. It’s rewarding to see Addleshaw Goddard’s team adopt BRYTER so easily and intuitively, and use it as a key part of a solution for such a challenging process.”
Sam Spivack, Managing Director of Legal Partnerships at BRYTER, adds: “This is another fantastic example of innovation from Addleshaw Goddard. The team are always thinking outside the box, and in this case they were able to take advantage of BRYTER’s extensibility and customization capabilities to rapidly deliver this large-scale repapering project.”
Elliot White, Head of Innovation & Legal Technology Operations at Addleshaw Goddard, says: “We carefully choose the software in our technology stack to ensure it offers us the flexibility to build intelligent solutions that solve our client’s problems. The power and flexibility of BRYTER allowed us to intelligently integrate all of the tools used in the repapering process so it could be fully automated end-to-end — enabling Virgin Money to complete the process quickly and easily.”
Enquiries to: communications@bryter.io
About BRYTER
BRYTER is the no-code app builder that enables business experts to build digital apps. BRYTER gives enterprise teams the tools to build digital applications to provide faster, more accurate services to their colleagues, without programming. BRYTER is especially geared to professionals in law, compliance, accounting and finance, who use workflow automation and no-code to streamline complex, recurring decisions and scenarios. Global brands from consumer industries (McDonald’s), through financial services (ING Banking Group) to professional service firms (Deloitte, PwC and KPMG), use BRYTER to deliver services digitally. BRYTER is a remote-first company with offices in New York, Boston, London, Paris, Frankfurt and Berlin. www.bryter.com
About Addleshaw Goddard
Finding the smartest way to deliver the biggest impact.
The problems our clients bring us vary. But we solve them with the same, single-minded focus. We always ask: ‘What’s the smartest route to the biggest impact?’ For example:
- We led the legal negotiations for VW and Ford on one of the largest strategic alliances in the world, helping to forge a new era in electric and commercial vehicles across 170 markets. Impact: $billions of new value created.
- We helped devise a new way for our manufacturing client to power its new factory. Impact: a plan 90% cheaper than the next best option that saved them £100 million.
- We combined legal expertise and A.I. to complete a lease review of a retailer’s 189-site property portfolio. Impact: we slashed the time taken by 70% and costs by 75%.
- We interrogated data in block-chain to resolve a cyber-currency dispute. Impact: millions of bitcoin recovered for a tech start-up.
Each year, over 3,000 leading companies and finance players around the world trust us to deliver. We help them in multiple industries and in over 90 countries. Not just once, but again and again. Many of our 47 FTSE100 clients have been with us for more than 20 years: one for 150. Tomorrow’s problems won’t be solved with yesterday’s answers. And, we believe that good business demands good legal advice. Which, ultimately, comes down to just four words. Yes. No. Stop. Go. Assuming you’d value that clarity, imagination, and impact, we’d be delighted to talk business. Your business.