While banks are going digital in many different areas, bank guarantees have largely continued to remain paper-based, leading to a lack of standardization, operational inefficiencies in the lifecycle as well as harbor 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.  

The Digital Bank Guarantee platform, powered by 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 and other Financial Institutions) and provides a digitized lifecycle for Bank Guarantees, alongside a marketplace where both issuers and beneficiaries can manage their digital guarantees portfolio, including issuance, extension, and cancellation. Issuers that join the platform will enable their customers to benefit from this mutualized solution, Aggregators can use it to offer their customers a managed platform for their digital guarantees, and finally, Corporates can directly connect it with their internal systems.

The hyper-automation provided by the solution will not only speed up transaction processing and eliminate operational inefficiencies but also establish provenance and non-repudiation through immutable ledgers.

Benefits

  • Reduces delays associated with paper-based processes
  • Eliminates the potential for frauds, and mitigates against possibility of loss of physical documents  
  • Facilitates immutability and auditability, thereby enabling reporting of all transactions throughout the transaction life cycle. 
  • Transparency to all the stakeholders via real-time updates
  • Standardized process flow/ workflows for seamless management of guarantees

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