A Bank Guarantee Management System (BGMS) is a software solution designed to manage the entire lifecycle of bank guarantees issued by a bank. A bank guarantee is a promise by a bank to pay a specific amount of money to a beneficiary if the bank's customer fails to fulfill their contractual obligations.
BGMS automates and streamlines the process of issuing, tracking, and managing bank guarantees. The system helps banks to reduce manual errors, streamline operations, and increase efficiency in managing bank guarantees.
