The decentralised paper-based process.
Many businesses accumulate a significant number of outstanding guarantees issued by different guarantors for different beneficiaries.
This results in a disorganised distribution of guarantees with the key issues being:
Reduced transparency
Labour-intensive reconciliation & reporting
Delays in processing of guarantee issuance & post issuance requests
Manual, time consuming and non-standard process
Cumbersome manual release process for the discharging of guarantees
Vulnerability to tampering and fraud
These challenges impose a number of costs on participants including courier fees, resource costs, unnecessary provisions and issuance fees paid by the applicant.
Guarantee Vault is a solution to digitise the existing paper-based process through the central issuance of digital guarantees that are requested, secured and stored electronically.
Through this innovation of digital guarantees, Guarantee Vault brings issuance through a common digital channel allowing market participants real-time updates, certainty, transparency, convenience and predictability in contrast to the challenges inherent in the process today.
Guarantee Vault allows market participants to save costs, improve efficiency, reduce operational risks and more.
Delivering its service via its suite of REST APIs, Guarantee Vault allows market participants the possibility to seamlessly connect and benefit via their existing platforms, portals or other in-house systems.
Choose your role to see how the Guarantee Vault features can benefit you and your company:
