Contour, which is developing a platform that digitises letters of credit (L/Cs), is partnering with Surecomp, which provides back-office applications to provide users with a fully integrated end-to-end trade service solution.

The partnership aims to progress the process of trade finance digitalisation with a particular focus on interoperability.

Digital L/C workflows

Surecomp's integration with Contour's decentralised network of banks and corporates aims to provide users with a fully integrated end-to-end trade service solution.

Through the collaboration with Surecomp's trade finance platform RIVO, Contour's member banks should be able to access digital L/C workflows directly on Surecomp's back-office applications, providing straight-through automated processing, reducing costs, improving operational efficiency and optimising profitability.

Interoperability hurdles

One pressure point for many financial institutions providing trade finance has been the lack of a network to support collaborative workflows within the trade ecosystem, and a lack of interoperability between solutions.

The new collaboration between Surecomp and Contour claims to address this issue by streamlining and simplifying trade finance processing, which the partners hope will lead to new business opportunities, improved trade productivity and ultimately, a sustainable future for global trade.

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