The digitisation of Bank Guarantees
Bank Guarantees have been issued manually and on paper for decades, but that’s changing with the roll out of Lygon.
Lygon is a new, unique and transformational platform developed in Australia that allows for the digitisation of Bank Guarantees. Lygon was born out of the request many businesses have made to banks to have a better, faster and more reliable way of transacting with Bank Guarantees. It has been built by a collaborative consortium of participants including ANZ. ANZ is a shareholder in the company that operates the platform.
The digitisation of Bank Guarantees simplifies the exchange of value and information, automates the underlying transactions through the use of smart contracts, creates a transparent register of valid Bank Guarantees and provides a materially higher degree of security and reduced risk of fraud for all parties involved.
Watch the video to learn more about Lygon.