While the Banking industry has embraced digital technologies in different areas, Bank Guarantees have largely remained paper-based, leading to lack of standardization, operational inefficiencies in their life cycle as well as possibilities of disputes. The process involves significant manual intervention and lack of access to information on a real-time basis to the stakeholders involved. Furthermore, the risk of documents being forged exposes banks to the risk of frauds and potential losses.

Solution:

The Digital Guarantee platform, powered by the Quartz, addresses these challenges with a transformative solution. Built to support the SaaS model, this state-of-the-art solution connects Individuals, corporates and the government to guarantee Issuers (Banks & other financial Institutions) and provide a digitized lifecycle for bank guarantees. The solution provides a marketplace where both issuers and beneficiaries can manage their digital guarantees portfolio, including issuance, extension, and cancelation. Issuers that join the platform will enable their customers to benefit from this mutualized solution. Aggregators can also use it to offer their customers a managed platform for their digital guarantees, and corporates can directly connect to their internal systems. The hyper-automation provided by the solution will not only speed up bank Guarantee processing and eliminate operational inefficiencies but also establish provenance and non-repudiation through immutable Ledgers.

Business Benefits :

• Digitization reduces delays associated with paper-based processes

• Eliminates the potential for frauds, and mitigates against possibility of loss of physical documents

• Blockchain provides an Intrinsic capability of immutability and auditability, thereby enabling reporting of all transactions throughout the transaction life cycle.

• Transparency to all the stakeholders on the status of guarantee through real-time updates

• Standardized process flow/ workflows for seamless management of guarantees

Digital GuaranteesQuartz™ – The Smart Ledgers™

Digital Guarantees

Quartz™ – The Smart Ledgers™

Digital Guarantees

Quartz™ – The Smart Ledgers™

Digital Guarantees
Quartz™ – The Smart Ledgers™