The Contour international trade finance network goes live as it connects buyers, sellers and banks on a decentralized digital trade finance platform, according to an announcement.
“We owe our thanks to the global network of banks, businesses, shareholders and technology partners, who have collaborated to provide this network,” Contour CEO Carl Wegner said in the announcement. “Together, we have designed and built the digital future of trade finance. “
Businesses and banks will begin using the platform with a focus on the letter of credit (LC) process, which the organization says has been a long-standing essential payment method with “one of the worst experiences. user, “according to the ad.
The organization said it was able to speed up the processing time of these payment methods by up to 90% while piloting, according to the announcement. Its technology provides an online application for trade finance through a distributed ledger trading network that allows entities to manage their own information during their transactions, while reviewing data shared with their service providers and trading partners.
The transition to production follows a long period of planning, development and leadership by more than 80 financial institutions and companies, with pilots in 17 countries. The deals spanned the gamut from energy to raw materials and petrochemicals, among other areas, according to the announcement.
The news comes as Ant Group has deployed Trusple, a blockchain technology for cross-border small and medium-sized enterprises (SMEs) commerce to speed up order processing.
Ant, which manages the Alipay mobile payment app, launched Trusple in Shanghai on September 25.
Jiang Guofei, chairman of Ant’s advanced technology business group, said in September, “Just like when Alipay was introduced in 2004 as an online escrow payment solution to build trust between buyers and sellers. sellers, with the launch of Trusple powered by AntChain, we look forward to making cross-border trading safer, more reliable and more efficient for buyers and sellers, and the financial institutions that serve them.