AMP Bank partners with MyGuarantee to offer fully digital bank guarantees
AMP Bank today announces a new strategic partnership with MyGuarantee to offer fully digital bank guarantees. The collaboration expands AMP Bank’s digital offerings and focus on supporting small businesses.
Through the MyGuarantee digital platform, bank guarantees are delivered efficiently, transparently and securely. The digital guarantees replace traditional paper guarantees which can often be slow to obtain, vulnerable to loss or fraud, and require a new guarantee to make amendments.
Ease and flexibility
The digital platform is the only solution in market that offers a complete 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. This makes it an ideal solution for small to medium-sized enterprises (SMEs) who are cash flow sensitive and short of time.
The digital contracts are held securely in MyGuarantee’s contract management system, facilitating seamless communication between parties throughout the contract lifecycle, allowing for easy amendments and removing the need to create a new guarantee.
Michael Christofides, AMP Bank’s Director, Lending & Everyday Banking said:
“The new offer provides 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 MyGurantee said:
“We 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, designed and built in NSW.
“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.”
About AMP Bank
AMP Bank offers highly competitive home loans and savings accounts through direct and intermediary channels. This new bank guarantee adds to this range of offers.
AMP Bank has also separately launched a new mobile bank in February this year, giving small businesses and everyday Australians a new way to spend, save and manage their money while on-the-go. Built from the ground-up using the very latest in secure mobile banking tech, the new AMP Bank app is full of simple, smart features that move with customers.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517