Lygon represents an industry solution for bank guarantees – bringing together the deep understanding across the participating organisations of existing industry processes, today’s pain points and customer experiences – and innovative technology applications.
A utility delivering a platform for digitised bank guarantees through will enhance operational efficiencies which will enable participants to reduce processing time and reduce customer waiting time therefore significantly improving the customer experience.
Most of today’s challenges with bank guarantees stem from the physical nature of guarantees themselves.
Physical Document Management
Significant costs, risks and delays across the ecosystem from physical printing, issuing, exchanging, retrieving and/or losing guarantee documents.
Fraud and Operational Risk
Paper based instrument leads to potentially fraudulent activity. Manual data input create situations that can lead to errors, omissions and compliance problems.
Tracking and Reporting
Ambiguity and a lack of transparency in guarantee status as it undergoes changes and/or handoffs throughout its lifecycle.
Lack of Standardisation
Onerous for all parties to review and negotiate the terms and conditions of a guarantee, which can vary by both issuer and beneficiary.
Blockchain provides a trusted system of record for digitised documents, removes the risk of document loss and allows secure sharing of data.
Strong cryptography and tamper-proof security eliminates fraud and enables the sharing of key information across organisational boundaries.
Database operations across ledgers allow for transparent lifecycle management and aggregate reporting and across participating organisations.
The globally leading platform for digitising and decentralising data and processes across the multi-party business transactions.
Develop a simplified and automated decentralised Lygon platform to facilitate the bank guarantee ecosystem.
Lygon represents an industry solution that the participants could not have individually implemented. ANZ, Commonwealth Bank, IBM, Scentre Group and Westpac have brought together their deep understanding of industry processes to design the Lygon platform.