Today Contour announced that HSBC has gone live on the Contour blockchain that provides digitized letters of credit (LCs). With LCs being the more paper-intensive form of trade finance, COVID-19 has made the digitization process ever more pressing.
In trials to date, HSBC has seen major efficiency games cutting LC processing times from seven to ten days to as little as 24 hours.
“HSBC became the first bank to put a commercially viable letter-of-credit on a blockchain platform back in 2018,” said Vinay Mendonca, Global Head of Products and Propositions at HSBC. “And it’s fitting that we are the first bank to use this solution commercially.”
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