Today sees the official launch of Voltron, the Letter of Credit blockchain platform. The system will go into production on R3’s
Enterprise Corda in 2019. The eight founding members are Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB and Standard Chartered.
Back in May Voltron ran a
successful pilot transaction with Cargill. The group says it’s now in active discussions with a number of corporates.
The primary aim is to digitalize the Letter of Credit (LC) paperwork process and create efficiencies by sharing that data using digital ledger technology (DLT) between corporates, their trading partners, and banks. Hence banks can make faster financing decisions, and there’s far less reconciliation between companies and their trading partners.
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