Case Study
The network of networks digitizing trade finance
Contour is a Singapore-based digital trade network founded by leading trade banks and industry partners to solve long-standing inefficiencies in global trade. Powered by Corda, Contour transforms trade finance products, starting with letters of credit (LOC), boosting speed, visibility and trust across the international trade finance ecosystem.
Challenge
Inefficiencies of Traditional Trade Finance
Paper-based processes of trade transactions impact cost, complexity and turnaround times.
Legacy Processes Hamper Growth
Lack of automation results in higher costs for banks to provide and sell letters of credit and for corporates to use letters of credit to expand into new markets.
Solution
Leverages Corda Permissioning
Addresses the privacy, security and throughput demands of trade finance networks.
Open APIs
Integrates all participants and transactions in the letters of credit process securely and seamlessly.
Partnerships with essDocs and Bolero
Enables banks and corporates to securely share and track electronic bills of lading.
Partnership with TradeCloud
Allows commodities producers, consumers and traders to automate LOC processing.
Results
Real-Time Transparency
Data is synchronized and updated simultaneously across all parties, eliminating reconciliations.
Accelerates the Digitized Letter of Credit Process
Cuts paperwork by more than half and reduces processing time from 10 days to 24 hours.
Security for Verified Participants
Unique identities ensure that only authorized parties can access the data.
Expedited Payment for Sellers
Enables documentation to arrive simultaneously with or even before the goods, allowing sellers to receive payment in a matter of days rather than weeks.
Corda’s privacy, security and scalability capabilities are truly unique in the enterprise blockchain world. Corda provides us the ability to empower our members by decentralizing data while guaranteeing synchronicity between peers, a unique proposition that is integral to our success.
Carl Wegner—CEO, Contour
