Contour, the Singapore-based open trade finance network, has today announced its partnership with IntellectEU as part of a shared vision to digitise trade finance on a global scale. IntellectEU will function as an integrator of Contour’s blockchain platform, automating back-office flows for both financial institutions and corporates.
Trade finance continues to be heavily paper-based due to a lack of trusted digital platforms that can be used on a global scale. Contour’s decentralised network overcomes this challenge, with a focus on building collaborative workflows between trade participants. To date, those on the network have seen great efficiency gains, reducing the process of a Letter of Credit (LC) by up to seven days.
IntellectEU’s Catalyst Integration Solution (CAT-IS) allows financial institutions to securely exchange information in different data formats, linking their existing infrastructures together. As trade finance counterparties often utilise incompatible methods of processing data, IntellectEU’s offering allows for interoperability, bridging this communications gap.
With this partnership, IntellectEU’s integration services will provide even greater efficiencies to the back-office systems of banks and corporates. IntellectEU’s clients will also enjoy streamlined communication and collaboration opportunities, without the disruption of overhauling their own operating and information systems.
The partnership follows IntellectEU’s showcase last September in providing connectivity between GPI Link and R3’s Corda blockchain.
Carl Wegner, CEO at Contour said: “We have consistently highlighted connectivity as a vital factor in improving trade and trade finance. The sheer volume of organisations in a single transaction has traditionally made communication difficult and disjointed. This no longer needs to be the norm. Our partnership with IntellectEU is another step towards providing improved collaboration in the sector without creating barriers to adoption or access. Now, with a greater emphasis on established institutions being able to work more flexibly, there’s huge potential for banks and corporates to engage with our network and enhance their operations.”
Thomas Bohner, VP Blockchain & DLT Solutions at IntellectEU said: “It is easy for technology to be viewed as the one-stop-shop solution. However, for the trade finance sector, enhancing LC issuance through blockchain and other technology can really make a difference. The sector has huge potential for greater collaboration by overcoming the internal processes that would have historically created barriers. Through partnering with Contour, we look to help grow the network, giving banks and corporates the opportunity to benefit from this improved way of doing business.”