Helping Truelayer Establish Success with a New CLM

Truelayer is a fintech company based in London, UK that provides a secure and reliable platform for accessing financial data and making payments. Founded in 2016, Truelayer enables businesses to connect with customer bank accounts and initiate transactions via APIs.

As Truelayer experienced rapid growth, it became apparent that there was an opportunity to develop a joint approach to contracting that could increase efficiency for both the Legal and Sales teams. By leveraging technology and streamlining processes, Truelayer could enhance collaboration and enable both teams to work together more seamlessly.

TLB identified many different touch points and technology solutions in the current process. To address the challenge effectively, TLB conducted a CLM discovery session. The TLB team gathered requirements from Truelayer and mapped them against the features of two CLM solutions that were deemed most appropriate for their needs. After careful consideration and comparison between the two solutions, the team recommended a CLM as the preferred solution due to its superior task and project management capabilities, which were a key requirement for Truelayer.

TLB then created a detailed report that identified the best solution for Truelayer. In the report, TLB took the key requirements from the discovery session and mapped them against the features of two CLM solutions that were deemed most appropriate for their needs.

After careful consideration and comparison between the two solutions, the team selected a CLM as the preferred solution due to its superior task and project management capabilities, which were a key requirement for Truelayer.

TLB then set up a review meeting, to explain why this CLM has been chosen, and to invite any feedback from Truelayer on the selection process. Once the chosen CLM had been confirmed by Truelayer, TLB then helped to facilitate introductions, so they could start work together straight away.

Deploying the chosen CLM reduced the number of touchpoints by 40% and consolidated the end-to-end lifecycle management into a single solution. This involved removing the current point solution and ticketing system entirely from Truelayer's current process and replacing them with the end-to-end CLM and task management solution.

The CLM also introduced additional functionality that Truelayer did not previously have, allowing for better team workload management and reporting through a dashboard that now allows them to view all open tasks, receive automatic contract status updates, directly liaise with their wider team within a 'task' or 'matter,' and use the platform's advanced search and reporting capabilities to monitor their function.