ING Brussels and HSBC India ran a pilot transaction for a blockchain Letter of Credit (LC) transaction for a shipment between Reliance Industries and Tricon Energy. ING issued the LC for Tricon Energy and HSBC was the negotiating bank for Reliance, according to the
Hindu BusinessLine.
Both banks are part of the Voltron Letter of Credit blockchain consortium that uses R3’s Corda technology. The consortium officially launched two weeks ago with eight banks: Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB and Standard Chartered.
The project digitizes the paperwork making the LC process faster and more efficient. Reliance Industries stated that it reduced the time involved to exchange trade documentation from 7-10 days down to a less than a day. It’s also integrated with the Bolero Network.
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