Challenge
- Traditional trade finance, and in particular Letter of Credit (LCs), have been the focus of digitization initiatives for many years
- Despite strong standards, the inefficiencies of paper-based processes along the multiple phases of trade transactions impact cost, complexity and turnaround times
- These issues result in reduced margins for traditional bank LC business and tough competition for client business from other working capital solutions
Solution
- Contour delivers a decentralized, digital global network for trade finance, over a distributed ledger, which allow parties to transact and view information securely
- It has proven to reduce end-to-end processing time for Letters of Credit by 90% or more, simplifying the process for all participants and enabling new business opportunities for banks, corporates and trade ecosystem players
- Uses open APIs to integrate a range of world-class partners to harmonize multiple digital networks and provide a seamless and convenient experience to users
- Why Corda? It best addresses the privacy, security and throughput demands of trade finance networks
Results
- 90% reduction in end-to-end processing time
- 80+ banks and corporates tested Contour with trials in 17 countries before its launch
- Transparency, efficiency and security for Letters of Credit (LCs)
Sign Up and Stay Up on R3
Sign up for our flagship newsletter, the R3 Ledger, to receive the latest news, updates and content.
"*" indicates required fields