Today, leading banking solutions provider Finastra announced that it will integrate its trade finance offering, Fusion Trade, with the Contour blockchain for letters of credit. The combination leverages Finastra’s deep integration with core banking platforms and Contour’s decentralized multi-party network for trade finance.
“Our partnership with Finastra is an important step in removing barriers to adoption and improving access to trade finance,” said Carl Wegner, CEO of Contour.
Letters of credit are a document-heavy form of commercial financing that Contour has digitized, including integrating with most electronic bill of lading (eBL) solutions available. Digitizing the process saves considerable time and reduces the risk of fraud.
“Finastra is focused on simplifying the connection of our financial institution customers to the global business ecosystem so they can maximize business efficiency and develop new business opportunities,” said Isabel Fernandez, Executive Vice President of Finastra. , lending business unit.
Contour now has 17 international network member banks, up from seven when it was incorporated in early 2020, with Commerzbank being the most recent addition.
Last month, Contour announced that it had acquired the rulebook and related documents from we.trade, the blockchain trade finance platform backed by the bank that entered insolvency. This will accelerate Contour’s expansion beyond letters of credit into open account trade finance.