HOUSTON, Nov. 30, 2021 /PRNewswire/ — Today Credit Vault opens the virtual doors of its data room platform to make a key function of energy trading seamless, more efficient and cost-effective. Secure and confidential virtual data rooms will allow buyers and sellers to upload and store sensitive financial and other company information. The data, including financial documents, can then be shared among traders who need direct access, rather than using the current system of endless chains of emails which are vulnerable to hackers.
The platform was designed by career energy trading veterans with first-hand experience in the hazards of trading, which is fast-moving, high stakes, and subject to default if proper documentation is not submitted and reviewed in time.
"Trying to perform due diligence in the heat of battle, so to speak, has been a hair-raising experience. During the big freeze in February, trades were flying back and forth so fast, email was just a terrible way to handle obtaining the documents we needed, including compliance documents," says Russell Diamond, Credit Vault’s founder. "Trade creditors and trade debtors had to rely on trust, but there were a lot of new players, and we needed a fast and secure way to vet them before making a trade," he said.
"Also, there’s the problem of "persisting after" documents, constantly emailing back and forth to try to get information, which comes back to us in multiple emails with attachments. Not the best way to do business in the 21st century," says Diamond.
The platform allows multiple clients—traders, buyers, and sellers—to view and share documents in a secure setting.
While email serves to open the lines of communication and keep them going, it falls short when sharing transactional documentation, especially when requested among multiple clients. Credit Vault alleviates this challenge by having documents easily accessible to multiple clients without the need of client contact.
Credit Vault uses embedded encryption technology to maintain the security and confidentiality of data. When accessing a data room, only that room administrator has transparency of other user accessibility. Credit Vault is keenly aware of the value of client anonymity and emphasized this in its development.
Folders in all data rooms follow uniform naming convention, making uploading easy, efficient, and consistent. Clients who need to access multiple trade counterpart data rooms will find consistent folder categorization will help them locate similar documents in different data rooms, which has been a challenge with email-based trading.
The Credit Vault platform was built from the ground up by a veteran credit risk analyst and his development team. This SaaS platform is designed for ease, and security with a more efficient method for trade creditors within the energy trading industry to obtain financial and corporate documents.
SOURCE Credit Vault