Contour was set up by 8 banks including BNP Paribas, HSBC, and ING in 2018?
Bank-backed blockchain trade platform launches in Singapore. Source:?shutterstock.com
ING-backed blockchain trade finance platform Contour announced its launch into the $18 trillion global trade market.
The launch comes after live pilots in 14 countries and a global trial with more than 50 banks and corporates. 96% of participants said Contour would accelerate their letters of credit process, improve efficiencies and reduce costs.
Contour uses R3’s Corda blockchain network to digitalize the 400-year-old process of issuing and tracking letters of credit which is currently manual, costly, and time-consuming.
SEE ALSO:
- International money transfer services guide: MoneyGram
- What is SSN and how to get a Social Security card?
- What is Paytm and how to use it
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
