Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news

Breaking-Finance.Com - ANZ, Commonwealth Bank of Australia, Westpac, IBM and Scentre Group are to formally launch a blockchain-based platform that reduces the time to issue a bank guarantee from one month to one day.

Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news

Breaking-Finance.Com - ANZ, Commonwealth Bank of Australia, Westpac, IBM and Scentre Group are to formally launch a blockchain-based platform that reduces the time to issue a bank guarantee from one month to one day.

Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news
01 September 2020 - 10:45

Breaking-Finance.Com - ANZ, Commonwealth Bank of Australia, Westpac, IBM and Scentre Group are to formally launch a blockchain-based platform that reduces the time to issue a bank guarantee from one month to one day. The commercial roll out of the platform, dubbed Lygon, follows a successful pilot with 20 businesses last year that transformed the cumbersome, paper-based, slow and costly bank guarantee process into digital form.Thousands of merchants around Australia need bank guarantees to secure a lease over a retail tenancy. Historically, these guarantees have been issued manually and on paper, with the process taking up to a month.

.Lygon chairman Nigel Dobson says: “The commercialisation of the Lygon platform represents a significant milestone for blockchain technology in Australia and globally.“We’ve gone from a proof of concept to a newly incorporated company and commercially available platform in two years - at a time when the demand for digital has never been stronger."Operating as a stand alone company jointly owned by the five founder members, Lygon will open to the general public in early 2021.

Source = Breaking-Finance.Com

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Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news


Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news


Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news


Finance Breaking news Oz lenders ready to roll out bank guarantee blockchain platform to general public last financial news

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