IBM and KASIKORNBANK Public Company Limited (KBank), one of Thailand’s largest banks, have announced the launch of a new enterprise Letter of Guarantee network based on IBM Blockchain. The new solution is designed to help simplify and expedite procedures for KBank’s Letter of Guarantee process, with the goal of improving the customer experience, strengthening security and reducing costs for clients and the bank.
With a more digitized, streamlined and transparent process enabled by blockchain, KBank’s enterprise Letter of Guarantee solution is completely paperless. The transparency provided by blockchain can help eliminate forgery and provide efficient service delivery. The solution is designed so that a Letter of Guarantee process that previously took up to several days is now significantly shortened.