ANZ Bank partners with a consortium to transform financial guarantees using IBM Blockchain Platform

ANZ wanted to use the distributed ledger technology to digitize financial guarantees between landlords and tenants in commercial property leasing. Working in a consortium with Westpac bank, shopping center operator Scentre Group and development partner IBM, ANZ successfully completed a proof-of-concept project that streamlines burdensome paper-heavy process. Now, all parties have a single source of information that increases efficiency and reduces the potential for fraud.

"What I love about these solutions, particularly when we’re using distributed ledger, it validates what I believe very passionately about the technology, it’s a fantastic way to share and secure information in an enterprise situation," explains Nigel Dobson, Banking Services Lead, ANZ Bank.

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