Completely digital
End-to-end online workflows - no paper, no postage - reducing time, risk, and environmental impact.
Risks of Paper Bank Guarantees
Outdated, manual, and high-risk — here’s why teams are switching to digital
Paper guarantees require originals, couriers, and manual verification — creating avoidable delays and operational risk. This page outlines the key risks and the modern digital alternative.
Our Network
Features and Benefits
MyGuarantee offers secure, cost-effective and sustainable digital bank guarantees through an efficient and responsive application process - delivering speed, transparency, accuracy and security.
Fast
Digital requests and confirmation with beneficiaries
Cash Secured
Cash secured with Perpetual and AMP
No Fees
No application fee and no recurring fees
Key Features
Everything you need to deliver a complete MyGuarantee experience.
Same-day processing
Once onboarding is complete, guarantees can be created, approved and activated in hours.
Secure against fraud
Bank-grade encryption, verification, and role-based access controls across every action.
Live tracking
Real-time status from application to issuance, amendments and cancellation.
Reporting
Customisable reports for audit and operations.
Real-time updates
Instant email and dashboard notifications on status changes and required actions.
Full transparency
Clear visibility over every step to build trust with applicants and beneficiaries.
Documents dashboard
Single place to view, manage and download digital guarantees and related files.
Visible audit trail
Immutable, time-stamped logs of changes and approvals - auditor-ready, always.
Where paper creates avoidable risk
Lost/damaged originals
Claims often require the original. Loss or damage triggers delays, costs, or disputes.
Courier delays & admin
Physical handling adds days. Tight lease/tender windows suffer.
Forgery exposure
Manual checks are error-prone; digital enables instant authenticity verification.
Version confusion
Amendments/reductions leave multiple copies in circulation.
See the safer, faster alternative on the digital bank guarantee platform, and compare digital vs paper.
Frequently Asked Questions
Paper vs digital — practical answers for applicants and beneficiaries
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Are paper bank guarantees still legally valid?
Are paper bank guarantees still legally valid?
Yes — legal force comes from the wording and issuing bank, not the medium.
However, paper formats create operational risk and friction compared to digital.
Compare formats: digital vs paper.
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What happens if the original paper guarantee is lost or damaged?
What happens if the original paper guarantee is lost or damaged?
The beneficiary typically must present the original to make a claim.
- Loss can delay or jeopardise claims.
- Replacement or re-issuance may require bank processes and fees.
- Storage/admin overhead grows with multi-site portfolios.
Digital removes this risk entirely — see online verification.
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Can I convert a paper guarantee to digital?
Can I convert a paper guarantee to digital?
Direct conversion isn't typical. Instead, request re-issuance via a digital process.
- Confirm wording and parties match the underlying contract/lease.
- Apply digitally with MyGuarantee.
- Have the beneficiary accept the new digital instrument.
Start here: apply digital bank guarantee.
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How do beneficiaries verify authenticity without paper?
How do beneficiaries verify authenticity without paper?
Beneficiaries use the online portal to instantly check the guarantee’s status and authenticity.
This reduces fraud exposure and eliminates branch phone-check delays.
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Why do paper guarantees cause version confusion?
Why do paper guarantees cause version confusion?
Amendments and reductions create multiple physical copies in circulation.
- Difficult to ensure everyone holds the latest version.
- Disputes at claim time due to outdated terms.
Digital keeps a single, authoritative, timestamped record with audit logs.
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Is the digital format accepted by landlords and principals?
Is the digital format accepted by landlords and principals?
Yes. Acceptance depends on wording and issuer, not paper.
Share: requirements in Australia and our digital vs paper comparison.
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How much faster is digital compared to paper?
How much faster is digital compared to paper?
With onboarding complete and documents ready, many cases issue the same day.
Paper introduces courier loops and manual checks that extend timelines.
See: same-day issuance (AU).
Related pages: digital vs paper · benefits · definition · types · how to get one