Digital trade finance network Contour, which digitises paper-based trade finance processes including letters of credit (L/Cs), has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.

GSBN's blockchain-enabled operating system and its product Cargo Release enables efficient and transparent digital sharing of verified logistics and cargo data. This streamlines business operations across the whole supply chain, cutting the time for cargo to be document ready for release from days to a matter of hours.

Partnership benefits

The partnership with Contour's network aims to drive interoperability for users of both solutions.

By harnessing both solutions, corporates should experience a seamless connection between the physical supply chain and the financial system.

Entire workflow supportThe partnership will support the entire workflow involved in trading goods around the world - from accessing trade finance and managing the documents underpinning the shipping process, to having goods released from a port.

Participants including importers, exporters, logistics service providers, and financial institutions should benefit from improved efficiency and reduced cost.

Beyond L/Cs

Contour says a wide and growing range of industries, such as metals, energy, petrochemicals, textiles, soft commodities and retail have conducted successful L/C transactions on its network.

Following the close in June of a successful funding round supported by new and existing backers, including Bangkok Bank, BNP Paribas, Citi, CTBC, HSBC, ING, SEB, SMBC, and Standard Chartered, Contour said it will soon expand beyond L/Cs.

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