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- Recently, the Singapore-based DBS Bank has joined the blockchain trade finance network Contour.
- Through Contour’s digital solutions, DBS bank is going to offer its customer a complete digital end-to-end LC settlement process.
- Along with this, there will be a real-time tracking of transactions on the platform with a complete audit trail.
Recently, the Singapore-based DBS Bank has joined the blockchain trade finance network, Contour. This network is built over R3’s Corda. It processes the trade digitally such as exchange, approval, and issuance of letters of credit (LCs) and many more.
DBS Bank to Offer complete digital end-to-end LC settlement process
However, some other banks in the Contour network include Bangkok Bank, ING, HSBC, BNP Paribas, Standard Chartered, and Citi Ventures.
Through Contour’s digital solutions, DBS bank is going to offer its customer a complete digital end-to-end LC settlement process. This includes the transfer of electronic trade and title documents.
Moreover, it will help to reduce the settlement time and paperwork and will streamline the complex trade procedure. It will also benefit corporate customers by conducting digital pre-issuance negotiations between applicant and beneficiary in real-time and sharing with the bank post-endorsement for LC issuance.
Along with this, there will be a real-time tracking of transactions on the platform with a complete audit trail.
Demand for contactless banking is increasing rapidly
Due to the COVID-19 pandemic, there is a high demand for contactless banking.
Carl Wegne, the Contour’s CEO noted that the soon financial institutions join the beta network, the blockchain potential will be showcased. Additionally, the Contour’s network will allow banks and corporates to leverage the transparency in the platform. It will also support to manage information digitally.
Last year, the Contour network had organized a successful trial of its platform in which $30 million letter-of-credit transactions were recorded.
Furthermore, the blockchain-based platform Contour is due for a full launch later this year.
