Today the
Voltron Initiative announced the completion of a six week trial of its Letter of Credit blockchain with more than 50 banks and corporates, of which at least 20 were financial institutions. The blockchain network succeeded in reducing the process from 5-10 days to less than 24 hours.
In addition to speeding up the process, it eliminates time-consuming reconciliations and helps to combat trade finance fraud.
Voltron surveyed the trial participants, 96% of whom stated that Voltron would “accelerate their Letters of Credit process, improve efficiencies and reduce cost.” Because 86% of firms are finding inefficiencies intolerable, 61% are likely to move to open account trade finance.
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