The bank guarantee is a pillar of financial systems worldwide. But the traditional process of issuing a bank guarantee is time consuming, and managing it throughout its lifecycle can be fraught with challenges. That’s because, until now, the typical bank guarantee has been a paper-based document.
Lygon is a consortium of five member organizations that have come together to develop a transformational solution for digitizing financial guarantees, which is powered by the IBM Blockchain Platform on IBM Cloud.
“To better serve our customers, we wanted to deliver a guarantee solution that was contemporary, digital and that could be used in a multi-bank setting,” — Nigel Dobson, Banking Services Lead, Australia New Zealand Banking Group Limited; Chairman, Lygon 1B Pvt Ltd.
“Teaming with IBM was a very easy decision. We had an enterprise use case, and we needed a bank-grade solution — the kind we believed IBM would deliver.” — Nigel Dobson
“We look at IBM as a terrific partner, not only because of the way in which they dedicated resources and really committed to the project but also because they were just as excited as we were about solving the bank guarantee problem.” — Nigel Dobson
Founded in 2019 in Melbourne, Victoria , Australia, Lygon is a consortium formed to digitize the bank guarantee process through its Lygon blockchain platform. Members include Australia and New Zealand Banking Group Ltd. (ANZ), Westpac Banking Corp., Commonwealth Bank of Australia, Scentre Group Limited, and IBM Australia.