Bank Guarantee (Physical)

What it does

A paper bank guarantee is a promise with an expiry date, and an organisation holding hundreds of them cannot afford to miss one. This platform records each guarantee with its full details, puts a second person between entry and approval, and tracks the expiry so that the decision to extend, release or encash is taken in time and logged.

Who uses it

A maker creates the guarantee record and uploads the document. A checker reviews and verifies it before approval. The guarantee manager records it, and later releases, encashes or extends it.

How it runs

The maker initiates a new guarantee with all its details, the checker confirms the details before it is approved, the guarantee manager performs the final review, and the platform executes the decision to encash, release or extend and alerts the people concerned.

In government, and in a private business

For a department, a utility or a contract finance division, the guarantee register is complete and every guarantee has an expiry alarm, so a security that should have been invoked is not discovered after it has lapsed. The maker and checker split satisfies the auditor without a separate control.

A contractor or a trading firm that has furnished dozens of guarantees to buyers and holds dozens more from its own vendors has the same expiry problem from both sides. Does anyone in your office know, today, which guarantee expires next month?

How it runs, step by step

1. CreateMaker initiates a new guarantee with all details.
2. CheckChecker verifies the information before approval.
3. Manager reviewBG Manager performs the final compliance review.
4. Encash / Release / ExtendSystem executes the decision and alerts stakeholders.