Lygon Completes New Zealand Pilot Program

Lygon, the Australian creator of the world’s first digital bank guarantee, today announced it has completed a rigorous pilot program in New Zealand, paving the way for its expansion into the country later this year.

The pilot program involved six customers across government, construction, property, manufacturing, and retail industries.

During the pilot, Auckland City Council, Schindler Lifts NZ, Kalmar Construction, Traffic Systems Limited, Coffee Club, and Scentre Group successfully created, amended, cancelled and transferred digital performance bonds and commercial agreements using Lygon’s Arc platform.

Lygon’s blockchain-based Arc platform provides substantial benefits to all parties involved in the bank guarantee process, with the digitalisation of bank guarantees eliminating the inefficiencies, costs, risk of fraud and handling errors associated with the traditional paper-based system.

Jill Lee, Business Controller at Schindler Lifts NZ said: “Dealing with high volumes of paper bank guarantees is very time-consuming and therefore comes at a significant cost to the business.

“Lygon’s Arc platform not only removes the laborious task of handling paper-based guarantees, which includes endless couriering and amending physical documents, it also eliminates the considerable environmental impact that occurs in the process.

“We are thrilled to be a part of this digital transformation that will allow access to digital bank guarantees anytime, anywhere.”

Bradley Jacobs, Director at The Coffee Club said: “We have over 60 franchises across New Zealand that require paper bank guarantees, all of which have to be tracked and managed for years, posing an ongoing logistical challenge.

“Lygon’s technology alleviates the administrative burden altogether, providing a secure platform that offers complete access and visibility to all parties at all times.”

Lygon’s General Manager for New Zealand, Nicole Waaka, explained that the pilot program enabled Lygon to use the feedback from the participants to finesse and improve the platform.

“Taking on board and integrating customer feedback was a critical part of ensuring that our platform is fit-for-purpose for Kiwi businesses,” Ms. Waaka said.

“The success of this pilot program has reinforced our belief that Lygon’s digital bank guarantees are not only feasible within New Zealand’s financial and legal ecosystem, but they are also urgently needed.

“We look forward to officially offering Kiwi businesses access to Lygon’s core technology in the coming months.”

© Scoop Media