Certify officially in a few minutes which individuals can carry out procedures on behalf of a company

What is an official acceptance a Power of Attorney?

The official acceptance a Power of Attorney is a document that proves that a person can represent a company in an action. When a Financial Institution receives a request to open an account in the name of a company, they must verify who can act on its behalf.

This process is carried out requesting the following documentation:

A process of study of the company incorporation public deed and public deed of power of attorney of the company is carried out from its beginning. Thus, it can determine who can operate on its behalf.

Clear and official identifying details of company attorneys are required.

This process concludes once the definitive list of attorneys is obtained. As well as, the powers each of them hold and during what periods. In other words, the Financial Institution will know who can represent the company. Also, whether those attorneys can act individually or need the signature of others.

Logically, this information should be frequently updated. Generally, processes such as depositing money require the signature of one attorney. While signing checks or requesting a loan requires the signature of two.

Can an official acceptance a Power of Attorney be automated?

Only in Spain about two million of official acceptance a Power of Attorney are carried out per year. On average, the process takes about 15 minutes. Although, in many cases it can last for days.

Until now, the Financial Institutions had to perform the official acceptance a Power of Attorney manually. This process became more complex when the new clients were companies with years of history. Most with a multitude of deeds and various changes of attorneys.

Fortunately, today cognitive technology allows to systematize many processes. Not only the official acceptance a Power of Attorney, but also the reading of any legal document, contract, wills, donations…

Advantages of automated official acceptance a Power of Attorney

Efficiency

Official studies estimate 55% improvements in efficiency.

Fast

Hours of reading documents reduced to 1-2 minutes.

Transparency

All operations are duly justified.

Cost savings

The automation of this process can save up to 60% of costs per document.

Security

The company can be sure that no third party can make any changes on its behalf.

Productivity

This technology is constantly improving, becoming faster and faster.

Automated Power of Attorney of NeoCheck

Our solution combines the latest technology in Artificial Intelligence (AI) with Natural Language Processing (PLN). Our search engine is trained to perform a “scan” of the legal document submitted to find the necessary data. The process is automatic and extracts the necessary data for the official document.

In other words, the client sends the required document scanned through the platform. Then, our software detects what type of document it is. From there the engine reads it, “understands” it and is able to extract the necessary information. After that, it creates a certified document with the information needed. Thanks to this document, the Financial Institution can focus on simply validating the information. Saving hours of having to read and study all the corporate documentation provided.

To know more

If you want to know a little better about our solutions, you can continue reading about:

KYB Know-Your-Business
AML Control Lists
DOCUMENT VERIFICATION