Citi has joined the Contour trade finance network, increasing the number of banks that have invested in the network formerly known as Voltron as part of an industry-wide global collaboration effort.

This investment through Citi Ventures will help Contour continue to grow as it develops the open network to improve letter of credit (L/C) processing and develop an open network to facilitate seamless trade and digitise paper-based processes.

Commercialisation

This announcement comes after Contour moved into full commercialisation of its offering earlier this year after two years of successful pilots in 14 countries.

Established in Singapore, Contour is now operating as a fully independent entity, welcoming banks and corporates into its beta network.

Digital L/Cs

Contour digitises L/Cs to allow banks and corporates improved efficiency and greater transparency by building connectivity and trust between all parties in the transaction.

This is achieved by using R3's Corda blockchain and a growing partner ecosystem.

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