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AMP Bank has announced a new partnership with MyGuarantee to offer fully digital bank guarantees through the MyGuarantee digital platform, set to be made available in May this year.
According to AMP, bank guarantees will be delivered “efficiently, transparently and securely” and will replace traditional paper guarantees that are prone to loss or fraud and slow to obtain.
Additionally, the platform will reportedly be the only solution in the market to offer a “complete journey from customer onboarding to issuance and payments”, with the end-to-end process being centralised and overseen by the same team and includes no hidden charges or fees.
This is suitable for small- to medium-sized enterprises (SMEs) that need to manage cash flow carefully and have limited time, the lender said.
Digital contracts are stored in MyGuarantee’s contract management system, which supports communication between parties throughout the contract life cycle.
Changes can be made directly within the existing contract, avoiding the need to create a new guarantee.
AMP Bank’s director, lending & everyday banking, Michael Christofides, said: “The new offer will provide fully digital, fast and secure bank guarantees, and will help Australian SMEs operate with greater flexibility and efficiency.
“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.
“Importantly, as the new offer matures in market it will further diversify AMP Bank’s revenue mix, while supporting small businesses.”
Justin Amos, founder of MyGuarantee, said that they are “delighted to be partnering with AMP as we deliver towards a shared vision for digital innovation in finance”.
“Developed to meet Australian industry standards for digital contracts, our platform delivers the complete end-to-end contract lifecycle, eliminating paper for all participants. It is designed and built in NSW,” Amos said.
“We are excited for SMEs and beneficiaries alike to experience the advantages of fully digital contracts on our platform and to be a part of the digital transformation of Australian commerce.”
Recently, AMP research revealed that financial admin was one of the most time-consuming tasks on their to-do list.
According to the research, one in three said it is their most difficult admin task, followed by marketing and sales (22 per cent) and legal and compliance (20.3 per cent). Additionally, more than one in three (35 per cent) small-business owners feel they could be working more efficiently.
To help address this issue, AMP Bank has integrated its digital banking platform with Xero, the global small business platform, to simplify financial administration.
[RELATED: New AMP integration simplifies financial admin for businesses]
