African fintech Breeze has announced that it has developed a digital platform that it claims will revolutionise letter of credit (L/C) processing.

The South African start-up says its platform reduces processing times and offers uncollateralised credit lines of up to US$50 million per transaction and empowers African businesses to compete globally with greater confidence.

DLT platform

The African fintech's platform is built on distributed ledger technology (DLT), with the aim of ensuring transparency, security, and efficiency across the entire trade process.

This not only aims to streamline operations, it also strives to build trust among all participants, from financiers to logistics providers.

Real time benefits

The platform offers real-time transaction monitoring, enabling financial institutions to make more informed decisions and reduce risks.

Businesses benefit from immediate visibility into their trade workflows, co-drafting and finalising documents in hours rather than days or weeks.

Reimagining L/Cs

"Digitising trade documents like L/Cs cuts processing times by up to 90 per cent, enabling businesses to access trade finance quickly and efficiently," says Breeze's chief technical officer, Samuel Ayorinde.

"L/Cs have been fundamental to global trade for centuries," according to the fintech's CEO, Chimenem Nnwoka. "But their processes remain outdated. Breeze is reimagining L/Cs for the modern era, using technology to make them faster, more secure, and more accessible," he concludes.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.