Today the major banking solution provider Finastra announced it would integrate its trade finance offering, Fusion Trade, with the Contour blockchain for Letters of Credit. The combination takes advantage of Finastra’s deep integration with core banking platforms and Contour’s decentralized multi-party network for trade finance.
“Our partnership with Finastra is an important step forward in breaking down barriers to adoption and increasing access to trade finance,” said Carl Wegner, Contour CEO.
Letters of Credit are a very document heavy form of trade finance that Contour has digitized, including integrating with most of the available electronic bill of lading (eBL) solutions. Digitizing the process saves significant time and reduces the risk of fraud.
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