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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 Mall Operator Scentre and IBM, to build a block-based bank guarantee platform.

Named Lygon, that platform will "change the way businesses achieve and handle bank guarantees".

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

"Bank guarantees are an important part of our relationship with our dealers, and each year we complete several thousand leases over our entire portfolio," explained the Centre's executive leases and retail solutions, John Papagiannis.

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

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