Alfa Bank joins the Contour blockchain trade finance platform

Alfa-Bank was the first in Russia to join the trade finance platform on the Contour blockchain, which was beta tested successfully last month.

According to the statement
Alfa Bank, since November it has joined the international retail chain financing on the Contour blockchain, which brings together trading companies and banks and ensures the issuance of letters of credit.

Issuance of a letter of credit is a laborious process, requiring a large number of documents and taking about a week. Contour platform reduces letter of credit processing time from 10 days before 24 hours.

“Joining the Contour platform and launching pilot projects in the Russian market will improve the product development strategy for cross-border transactions.. Customer requests are getting more complex, and we always strive to offer the best solutions ", – noted the head of the Lending Directorate of Alfa-Bank Evgenia Fomina.

Contour CEO Karl Wegner (Carl Wegner) said, that interest in the Contour platform has not diminished since its official launch
in October. He said:

“Alfa-Bank, which became the first Russian bank of the network, marks another step forward for Contour. The bank's participation will help us to further develop a comprehensive blockchain-based trade finance platform and improve trading around the world. ".

Recall, that recently the Bangladeshi subsidiary of the global banking company HSBC conducted for the first time
fuel oil import transaction with letter of credit, executed on the Contour blockchain. Earlier, the major Asian bank Asian Development Bank, headquartered in the Philippines, conducted the first deal with a letter of credit, executed on the Contour blockchain.