AMP Bank will offer fully digital bank guarantees through strategic partner MyGuarantee – touted as among the first end-to-end digital bank guarantees in Australia.
The MyGuarantee platform, developed in Australia, promises an efficient, transparent and secure means to secure bank guarantees, which is a pledge by a lending institution to cover a financial obligation if one party does not fulfil their end of the contract.
AMP hailed MyGuarantee as the only digital bank guarantee solution in-market offering a complete digital journey – from customer onboarding to issuance and payments.
“The end-to-end process is centralised and overseen by the same team, with no hidden fees or charges,” AMP said.
“This makes it an ideal solution for small to medium-sized enterprises (SMEs) who are cash flow sensitive and short of time.”
A traditionally paper-based process, and one typically sought in-branch, MyGuarantee’s fully digital platform enables applicants to manage, amend and cancel contracts via its digital platform in real-time.
These digital contracts are held securely in MyGuarantee’s contract management system, AMP said, facilitating seamless communication between parties throughout the contract lifecycle, allowing for easy amendments and removing the need to create a new guarantee.
“The new offer provides fully digital, fast and secure bank guarantees, and will help Australian SMEs operate with greater flexibility and efficiency,” AMP Bank’s director of lending and everyday banking, Michael Christofides said.
He added that the collaboration extends the bank’s digital service capabilities, particularly for its growing small business offering, following the launch of its small business bank earlier this year.
“It aligns with our strategy to use the very latest technology to make life easier for businesses, while helping Australians manage their finances more effectively.”
