Westpac, ANZ together with IBM, shopping centre operator Scentre Group, have successfully applied distributed ledger technology (DLT) to eliminate the need for current paper-based bank guarantee documents. Furthermore, the participants have released a white paper detailing how the solution worked and how they believe it could be used in other situations that rely on bank guarantees.
In addition to eliminating the need for physical document management, Westpac said that the trial also addressed other inefficiencies in the current bank guarantee process, including the challenges in tracking and reporting of a guarantees status through multiple changes.
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