Broker Brasil reduces contract formalization time by 80%
Average time for formalizing contracts is reduced from 10 to 2 days.
Proposed Solution
SaaS Solution (Software as a Service) for Digital Signature and Workflow through the QualiSign Portal.
Client’s Need
Having the formalization of foreign exchange contracts streamjlined and paper issuance reduced
About Broker Brasil Câmbio
A financial institution accredited by the Central Bank, which is part of a business group that has been operating in the Foreign Trade segment for over 35 years. With a modern structure and formed by a team of professionals with extensive experience in the foreign exchange market, Broker Brasil brings a new concept of consultancy with regard to the needs of payments abroad or receipt of funds originated in other countries by its clients. With an increasingly rigid legislation and more and more severe penalties, we identified the need to come up with complete and innovative solutions to the market, in order to meet the most diverse demands of its clients thus providing them with a high-quality structure consultancy. que possam contar com uma consultoria estrutura de alta qualidade
The Experience
Broker Brasil Corretora de Câmbio started its operations only 3 years ago and has been growing consistently in the foreign exchange market and obtaining expressive results. It is an integral part of the Unimaster business group that has been operating in the foreign trade and national logistics segments for over 35 years.
It currently has approximately 100 employees. Based on information published by the Central Bank, up to December 2015, more than 38 thousand of its own foreign exchange and intermediation operations were carried out, which together handled more than US$ 1 billion.
Broker emerged with the paperless culture. Averse to excessive paper and an adept of technology to benefit clients, Marcelo Gomes, Director of Broker Brasil, from the beginning sought to innovate, automate and simplify the operations at companies he worked for. At Broker, it was no different. With the experience of other financial organizations, he already desired to start operations efficiently. “We need to be fast and efficient, offering our customers more and more convenience”, emphasized Marcelo. And, in this context, the digital signature of foreign exchange contracts was one of the key pre-requisites. "It provides a series of benefits for us and our clients, namely speed in formalizing the operations, security, compliance, cost reduction, in addition to being a green solution," reinforced Marcelo.
Currently, Broker handles an average volume of 1540 contracts per month, more than 50% of which are digitally signed. Just over a year ago, this proportion was only 25%. The rapid conversion to the digital format is due to the effort made by the operating desk and the BackOffice personnel, coupled with the gradual increase in customer knowledge concerning the ease of digital signature. “We will soon start an internal campaign to give more subsidies and information to the staff at the trading desk in regard with the facilities and benefits offered by the digital signature. We believe that this can further increase our conversion to the digital format,” said Marcelo.
To quickly implement the digital signature of foreign exchange contracts, Broker sought a ready solution in the market. The solution adopted was the QualiSign Digital Signature Portal. Ease in project development, quick implementation, personalized service and cost benefit were the crucial factors for choosing this solution.
Results
According to Leonardo Morikoshi, from the BackOffice department, the formalization of a paper exchange contract takes at least 10 days, while the digital solution takes no more than 2 days, which results in an 80% reduction in the term
And the reductions go beyond that. As we address the costs, the advantages are perceived by both Broker and the clients. When formalizing paper contracts, copies go back and forth producing increased costs in terms of pouches, couriers, sedex services, post offices, paper, print cartridges, not to mention the hours spent by BackOffice personnel to control and track shipping and receive shipments. ”Clients also win, because with paper contracts, they will print, collect the signatures and send them to us by courier or mail. With digital signatures, they only need to access the contracts, via internet, and digitally sign on them, not to mention the ease of signing, at a time, a batch of contracts. We have not yet determined the unit costs, but we are sure we have achieved a really significant reduction,” said Leonardo.
Technology and Security
Marcelo further emphasizes the issue of security. The digital signature process is not only faster and simpler, but more secure as well. The digital signature is in line with the company and the Central Bank's compliance, which regulates foreign exchange operations in Brazil. “Today we have better control over who is empowered to sign on behalf of the client. The concern about compliance is so great that Broker created an area to monitor the operations, allowing one to identify and guarantee the compliance of the broker's operations,” Marcelo commented.
Sustainability
Paperless is a green attitude and is in line with the environmental issue and sustainable development. Each contract consumes 6 sheets of paper (2 sheets with 3 copies). By eliminating printing, we not only reduce the cost, but also avoid cutting down trees, thus reducing the CO2 emission and water and energy consumption, which is spent on paper production.
Regarding sustainability, there has been a great effort by the Brokerage firm to maximize the paperless pattern. If we only consider the contracts that have been digitally signed so far, they would stand for 4,290 sheets/month or 51,480 sheets per year. This means savings of 5.15 trees, 686.40 Kwh of electricity, 3,861 liters of water and approximately 7 tons of CO2 that are no longer emitted (to compensate for this emission, 27.84 trees would be needed to absorb the CO2 generated).
One Vision
““The market keeps on rejuvenating itself, with new technologies, becoming faster, more convenient, safer and fostering an environmental awareness. Thus, we have become better for clients, being more competitive in the market and growing in a sustainable manner in society,” concluded Marcelo.
