Progressing Digital Bonding: Surety X Rollout

In past issues of the Pipeline, I have written about NASBP’s involvement with The Institutes’ RiskStream Collaborative and with the SuretyDIGIT Coalition, initiatives focused on discussing and identifying ways in which blockchain and other emerging technologies can be deployed to facilitate and to realize digital bonding processes, moving away from the antiquated strictures of the manual paper realm. A considerable amount of time and energy has been expended over the last several years by RiskStream Collaborative staff and by volunteers drawn from surety companies, surety agencies, associations, and other stakeholder organizations, such as public owners, contractors, and subcontractors, to map common workflows and processes and to envision ways that technology can be utilized to instill efficiency and to improve security and transparency in those workflows.

Those efforts have culminated in the creation by RiskStream Collaborative of the Surety X solution, which respects the roles and responsibilities in existing operational workflows but leverages technology to streamline and digitize such multiparty workflows. Surety X, now in its first phase, lays the “groundwork” for a more expansive digital surety bond ecosystem; it simulates the end-to-end workflow of the bond execution process and provides flexibility for future optimization and integration projects. More information about Surety X is encapsulated in an executive summary available here.

Importantly, RiskStream Collaborative is seeking candidates to participate in a live pilot this year. The pilot will focus on contract surety workflows at the subcontract bonding level. Participants will be able to engage with Surety X and provide valuable feedback to shape its development, ensuring that the Surety X solution is one that is in tune with and responsive to the needs of the entire surety ecosystem. If you are interested in participating in this live pilot, contact Jim Walsh of The Institutes at walshj@theinstitutes.org.

NASBP congratulates RiskStream on achieving this important milestone and remains committed to advancing bond digitization initiatives with RiskStream Collaborative on Surety X and other matters and with other organizations which welcome surety industry participation and feedback. I will report further developments as they occur in future Pipeline issues.