Bankinter creates digital signature for ICO loans to close transactions more quickly

Bankinter has recently created a special digital signature to take out credit lines secured by the State as part of the ICO (Spanish Official Credit Institute) lines instituted to mitigate the impact caused by COVID-19 on companies in general (especially SMEs) and on sole traders.

As of this Monday, applications from corporate and sole-trader customers ready to sign may be resolved more quickly thanks to Bankinter’s new technological solution. This way for business owners and authorised representatives to sign is guaranteed fully by the law.

The procedure is very simple, since customers only need to enter their one-time password (OTP). They may also choose to sign for their credit facility with a digital certificate (certificado digital) if they have one.

Helping companies at a time like this is a priority for Bankinter. Therefore, the bank immediately activated credit lines adhered to the ICO Line, with its first tranche of guarantees already approved. After the Council of Ministers approved the second tranche of guarantees last Friday, Bankinter began to receive applications from SMEs and sole traders, which will be added to those that do not qualify for the portion corresponding to the first tranche of guarantees.

Furthermore, the bank has taken special measures for companies as part of its already-announced shock plan to assuage the financial impact of the pandemic. They include payment holidays on loans for certain customers as well as reverse factoring post-financing and grace periods and term extensions on leases for SMEs and sole traders. Also, companies have the option of using pre-approved loans (initially to be used to make tax and social security payments) for any other purpose. Likewise, companies can increase or reset unused limits of their multi-line financing, a product to combine all funding needs in a single credit line.