Contour, the digital trade finance network, has partnered with TIS INTEC Group, one of Japan’s leading IT services providers. TIS will integrate Contour’s network into the back-office systems of banks across Japan to enable the digital processing of letters of credit (LCs).
The announcement marks another addition to Contour’s growing number of integration partners, with Tinvhan Technologies and MFEC already supporting the digital network across the financial and commercial sector in Vietnam and Thailand respectively. By integrating Contour’s network into its customers’ services, TIS will be able to further enhance the efficiency and visibility of trade finance workflows for banks and businesses in Japan.
LCs are one of the most used payment methods in Japan for settling international transactions, with many Japanese firms using them to facilitate exports of automobiles and other equipment. The process of acquiring LCs, however, is often characterised by large volumes of paper-based documentation, generating high administrative costs, inefficiencies, and barriers to financing.
Contour’s decentralised network overcomes these challenges. By digitising LCs, Contour’s platform reduces the paperwork involved in trade transactions, significantly shortening the settlement time of trade documents.
Through the partnership, clients of TIS will be able to integrate legacy systems with Contour’s digital network, allowing trading counterparties to benefit from heightened connectivity and more streamlined communications.
Carl Wegner, Chief Executive Officer at Contour, said: “As a major market for LCs, growing our foothold in Japan is an exciting milestone in Contour’s mission to digitise global trade. The integration of digital platforms into complex legacy systems is a vital step in digitising the trade finance workflow – and our partnership with TIS achieves just that. We’re looking forward to working with TIS to enable institutions in Japan reduce the time, risk and costs involved in accessing trade finance.”
About TIS INTEC Group:
About TIS Inc.
TIS Inc., a member of TIS INTEC Group, provides several IT solution services including entrusted development, data center and cloud services. At the same time, TIS is contributing to the growth of its customers business, a client base of more than 3,000 customers from various industries, such as financial services, manufacturing, logistics/distribution, public services and telecommunications, by being their technology partner and offering global support to companies with a presence mainly in China and ASEAN region. For more information about TIS, please go to http://www.tis.com/
About TIS INTEC Group
TIS INTEC Group with 20,000 employees, make use of its strengths to provide IT services in support of business for numerous domestic and foreign customers in such areas as finance, manufacturing, services or public organizations. As a mover that utilizes digital technology, we will bring the future to light in full color.