Contour, the blockchain based open trade finance network formerly known as Voltron, has announced a partnership with TradeCloud, a digital portal for producers, consumers and traders.

This partnership will automate some letter of credit (L/C) processing and is part of Singapore-based Contour's mission to build a network which can best support the needs of its growing membership base.

L/C applications

The integration of TradeCloud's web-based platform aims to add further efficiencies to Contour's network by automating the process of L/C applications.

Agreed orders from TradeCloud's platform users are sent securely and in real-time to Contour, thus removing the need for manual processing or reconciliation between systems as all data resides on the ledger.

Corda Network

This integration is made possible by having both platforms built on R3's Corda open source blockchain platform and deployed to the Corda Network.

Through this collaboration, Contour says it is continuing to build a partner network to support both corporates and banks in the trade finance process.

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