eBrevia, a Donnelley Financial Solutions company, announced its latest software release focused on helping financial institutions transition from the London Inter-Bank Offered Rate (LIBOR), a globally recognized base rate for financial services.
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“Our clients are heavily leveraging eBrevia for LIBOR-related review. This latest release now adds many features targeted to this use case. eBrevia can be customized for any specific need but having more built-in LIBOR functionality is extremely helpful for managing document reviews and analyzing risks running up to this deadline.”
LIBOR has been in use since the 1970s and today it is a reference for an estimated $350 trillion of loans, securities, and derivatives worldwide. The challenge facing many financial institutions is that LIBOR is expected to cease publication or to become unreliable after 2021. With less than two years to prepare, many financial institutions and their service providers are facing the reality that a manual review of LIBOR-related agreements could be extremely costly or impossible to complete on time.
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eBrevia provides AI-powered contract analytics software that helps law firms, audit/consulting firms, financial institutions and corporations complete document reviews faster and with greater accuracy. eBrevia’s latest software release includes automatic identification of new document types specifically related to LIBOR, new LIBOR-related pre-trained provisions, and identification of different types of interest rates. In addition, the release includes substantial enhancements to the system’s search and filtering functionality, enabling users to quickly find the exact documents and provisions they are looking for based on a wide range of different criteria.
eBrevia co-founder and president, Ned Gannon, explained that “Our clients are heavily leveraging eBrevia for LIBOR-related review. This latest release now adds many features targeted to this use case. eBrevia can be customized for any specific need but having more built-in LIBOR functionality is extremely helpful for managing document reviews and analyzing risks running up to this deadline.”
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