Contour, the open trade finance network, has announced its partnership with TradeCloud, the digital portal for producers, consumers and traders. This partnership is part of Contour’s continuous expansion to build a network that can best support the needs of its growing membership base.
The integration of TradeCloud’s web-based platform adds further efficiency to Contour’s network by automating the process of Letters of Credit (LC) applications. Agreed orders from TradeCloud’s platform users are sent securely and in real-time to Contour removing the need for manual processing or reconciliation between systems as all data resides on the ledger.
This integration is made possible by having both platforms built on R3’s Corda and deployed to Corda Network. Through this collaboration, Contour is continuing to build a partner network to support both corporate and banks in the trade finance process.
This partnership is set to strengthen as TradeCloud grows its energy-focused offering.
Carl Wegner, CEO, Contour said: “We’re always aiming to increase our industry partnerships in order to give clients the best service possible. With this relationship, our users will be able to make use of our fully digitised LCs through their TradeCloud service. Our network provides trusted information in real-time, digitising the LC process for all users. Corda has also provided a natural fit for establishing a larger, more collaborative ecosystem for trade finance. Through working with TradeCloud, we will continue our goal of easing access and increasing savings for those in the trade finance sector.”
Simon Collins, CEO at TradeCloud added: “This new partnership with Contour is part of our ambition to offer a seamless and complete service to our commodity customers. Through utilising Corda’s enterprise blockchain, we are able to integrate our contracts and logistics solution with Contour, to provide an enhanced offering to our clients. Customers are demanding that platforms interoperate – the combination of TradeCloud, Contour and Corda will achieve this.”