News, views and analysis from the A/NZ tech sector
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They might be the pillar of the financial system, but bank guarantees remain clunky, paper-based and patience-consuming. That landlords and commercial tenants require thousands to be created and renewed to underwrite lease agreements presents a classic digital transformation opportunity.
The fraud and error risk and an ongoing need to reconcile each against lease terms was enough to motivate a consortium of banks to create a solution.
The ANZ, CBA and Westpac-backed Lygon blockchain bank guarantee platform promises to cut through some of that hassle. It’s digitised the paperwork and legality behind it to serve up real benefits for banks and businesses alike.
At a time when many are still questioning the value of blockchain, Lygon has the potential to not only solve a big problem for banks and customers, but prove that blockchain really can deliver value.
In other news this week:
- AU-US Cyber corps get their own training range
- Spy law ‘identify & disrupt’ kicked for legal review
- The new digital till
- 'Doxing' – your personal data is up for sale (by someone else)
Covid has hit the local education sectors hard. At a time when budgets are constrained, but digital demands are soaring, we take a look at how Victoria University of Wellington has harnessed Azure to help integrate its business, while still retaining internal ownership of capability.
Enjoy the read,
Heather Wright
Editor
editor@istart.com.au
BANK GUARANTEES
Big four team up to digitise bank guarantees
Bank consortium builds blockchain platform to replace paper guarantee processes…
The bank guarantee is a pillar of the financial system. Retailers around the world – from single-store operators to international brands – rely on guarantees from their banks to secure leases on retail tenancies.
“We’ve digitised the paperwork, the process and the legality behind it.”
CYBERSECURITY
Australia signs on with US for Five Eyes training collab
Australia will contribute to the development of its high-tech collaborative simulated training domain…
Australia has joined forces with the US Department of Defense for a simulated training domain, the Persistent Cyber Training Environment.
“We’ve refocussed our efforts to invest in emerging and smart technologies that will strengthen our ability to fight and win our nation’s wars.”
[Read more]
ERP BUYER"S GUIDE
LEGISLATION CHANGES
Account takeover bill gets review
PJCIS cast eye over surveillance bill changes…
A review into proposed surveillance legislation changes, which sparked ‘grave concerns’ from the Law Council of Australia and includes the power for federal authorities to take over and disrupt online accounts, is underway.
“Extraordinary powers must also be subject to extraordinary safeguards.”
[Read more]
ECOMMERCE
Smart home, digital wallets driving eCom
Digital tills ringing to new tune…
Smart home devices and OEM pay options such as Apple Pay and Google Pay are winning favour with consumers when it comes to eCommerce transactions according to new reports from Juniper Research.
“OEM Pay is seeing increasing consumer awareness, driven by its use in the contactless arena.”
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CYBERSECURITY
Outfoxing doxing
How to protect against the weaponising of personal info…
Kaspersky have issued a warning to be more aware that we could be the target for ‘doxing’ and that our personal data can cost less than a cup of coffee on the dark web.
“It is that simple, but does require effort.”
CLOUD INTEGRATION
Wellington’s Victoria Uni embraces Azure integration project
To keep them ahead of the game, which is important with a new technology stack…
Founded in 1897, Victoria University of Wellington (VUW) is one of New Zealand’s oldest and most prestigious tertiary institutions and is rated in the top two percent of the world’s 18,000 universities.
“They’re flexible, reliable and accountable. And they kept us ahead of the game.”
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