Eight banks have launched a trade finance platform on the Contour blockchain

Trade financing platform on Contour blockchain, designed by a group of eight banks, Including HSBC, THE и Cith, launched after the end of beta testing.

The development of the platform on the blockchain R3 Corda began in 2017 year. Initially, the platform was called Voltron, However, it was later renamed Contour. The platform belongs to eight banks-campaigns: Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered, Seb и Citi.

Contour's goal is to optimize and accelerate traditional trade financing processes due to their digitization using blockchain. At the time of launch, the main goal of the platform is to optimize the processes of letters of credit between the parties.

Currently, the release of letters of credit can take on average by traditional methods 10 days. As noted by the Director General of the Platform Carl Vegner (Carl Wegner), Contour reduced the time for processing the letters of credit on 90% - Until the day. Head of the HSBC Global Products Vaine Mendonka (VINAY MENDONCA) Notes:

“We have created a special set of rules, which simplifies work. The rules allow not to be engaged in the laborious coordination of four or five different legal agreements between the buyer, seller, Buyer banks and seller banks ".

It is still unknown, how many participants have already joined Contour. According to the sources of Global Trade Review, Now there are about them 20, Including SMBC banks, DBS и Standard Bank. After the official release, Contour participants will go to the existing network environment, which will be launched this week.

Recall, that HDBANK began to introduce Contour blockchain for the release of letters of credit in May. In the same month, Standard Chartered held the first letter of credit in the yuan on the Contour blockchain. In September, the major Asian bank Asian Development Bank conducted the first letter of credit, executed on the Contour blockchain.

Source