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ANZ, CBA, Westpac, Scentre, IBM form bank guarantee blockchain company



Three of Australia's largest banks, ANZ, Commonwealth Bank of Australia (CBA) and Westpac, have formed a company with Westfield Shopping Center operator Scentre and IBM to build a block-based bank guarantee platform.

Named Lygon, that platform will "transform the way businesses achieve and manage bank guarantees".

Normally, bank guarantees are issued – often required as part of a property lease – manually on paper. The process can take up to a month and is at risk of error and fraud.

"Bank guarantees are an important part of our relationship with our retail partners, and each year we carry out thousands of leases throughout our portfolio," explained Scentre's director of leasing and retail solutions, John Papagiannis.

based process is a pain point for us and our retail partners because of the time involved and the manual nature of the process and takes valuable time away from focusing on customers, "he added.


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