Alpha smart contract cloud platform is extended from the "kernel" (internal quality inspection). The reporter learned that eight subsidiaries of Ping An Group, including banks, securities, funds and real estate, have launched this intelligent contract cloud platform for contract management.
After passing the maturity test of internal subsidiaries and business divisions of Ping An Group, the smart contract platform will be connected to more commercial entities. Of course, some institutions can't wait to carry out intelligent contract management, such as Mi Ying Fund and Sanxiang Bank, which have signed strategic cooperation contracts.
Ping An is such a big group that management contracts depend on it.
Intelligent management of online contracts is an inevitable move for enterprises to improve business process efficiency and reduce labor costs, especially for enterprises with many business sectors and counterparties and high transaction frequency.
"Frankly speaking, many people ask us, don't you just sign an electronic contract? Our business connotation is richer. In general, electronic signature is a standard contract based on blockchain business scenarios, while we are based on the standardization of transaction contracts between financial institutions such as banks, insurance and securities, between financial transactions, and between institutions and end customers. With the full license of Ping An Group, complete business scenarios and historical accumulation of contracts, we have natural advantages, "Huang said.
As a matter of fact, other senior executives of his investment account-to-account business center, such as Pan Ling, deputy general manager, also hold this view. "We have technology, and so do other institutions, but there will be some differences. However, we should have an advantage in understanding the business, the terms of the contract and the legal problems that may arise from the terms of the contract, "she said.
Specifically, the smart contract platform of one account is loaded with contract templates of different industries, and a custom contract library is built to facilitate users to carry out personalized standard contract management. At the same time, it supports customization operation, and integrates customization service into the user's own operating system through API interface to realize seamless connection with its original database. Institutional users can call the required contract management functions in their internal systems without jumping applications.
At the same time, Alpha Smart Contract Cloud Platform successfully registered the whole process of contract template calling, editing, generating, signing and fulfilling in the blockchain. As a blockchain node, the contracting parties can automatically synchronize the contract data to realize the "fidelity" of the signing logo and the contract.
Take the current application of ALFA in the ABS business section of one account as an example. Four business modules, such as "undertaking, auditing, sales and duration", were set up, and the tag 14 10000+ in 1 ABS ecological related documents was extracted, and the transaction elements, forms, terms and pictures were filled in intelligently. After the original data asset package of the ecological circle is imported once, based on this data source, the plan specification, standard terms, cash flow analysis report and various agreement texts can be directly generated.
"Today, ABS of smart contracts are used to trade hundreds of billions of assets, and the time for manually writing materials is reduced by 85%," Pan Ling said.
According to Huang, the contract library of Alpha Smart Contract Cloud Platform currently covers seven major financial industries, including banks, funds, securities, trusts, leasing, futures and insurance. * * * More than 65,438+0,000 standard contract templates and more than 80,000 labels have been formed, all of which are stored in the blockchain. Judging from the effect of existing cases, the platform * * * has achieved 58 intelligent service outputs, successfully helping institutional users to improve manual writing efficiency by 4 times, operation management efficiency by 2 times, operation risk by 80%, and labor cost construction by 2/3.
"Our group is very interesting. After the smart contract was launched, a subsidiary of the group took the initiative to come to us and said that we needed this thing (Alpha Smart Contract Cloud Platform), "Huang told reporters. It is reported that Ping An Group's structured derivatives business, ABS business, inter-bank cooperation platform (e-link), insurance agreement deposit business, investment banking business and insurance agency business have all been launched with intelligent contract management functions.
Promote cross-contract standardization and early warning
It is a fact that the contract of a financial product with complex transaction structure is often difficult to standardize or the degree of standardization is very low. In Huang's view, bills, interbank lending, pledge repurchase, interbank deposit certificates, foreign exchange transactions and other contracts can be standardized; However, many banks have low standardization of off-site business.
"For example, when I was in the same trade department, our contract was definitely standardized and became our bank after internal legal compliance audit. However, the legal department or business department of the counterparty bank always has to modify some terms of our contract. This is the norm, "Huang said.
In order to promote the standardization of inter-agency contracts, the intelligent contract platform will automatically identify the contract terms that some institutions will modify in a high probability, and generate quasi-standard contracts according to the popular knowledge of projects in the market.
"When generating contracts, different business entities and scenarios need different data sources and business experiences. Ping An Group is a fully licensed financial group, and we are familiar with many financial scenarios. At present, seven or eight industry solutions have been made, and we will gradually access the data needed by each industry. Of course, we have to screen the typical data, "Pan Ling said.
It is also because of the rich data sources that the Alpha smart contract cloud platform has a function different from other competing products-risk warning. After the contract is signed, the platform can locate the risk label in the contract through the intelligent identification engine. Combined with internal and external data, once the status of assets and institutions changes, the system will trigger a risk reminder to help institutional users quickly identify risks and improve compliance management.