Citi has announced joining the blockchain trade finance network, Contour, launched in Singapore.
Previously known as the Voltron Letter of Credit blockchain, Contour was commercially launched in January 2020 in Singapore. This is one of several blockchain announcements by Citi in a matter of weeks.
Contour’s focus is digitising the Letter of Credit process, which is currently very paperwork heavy. It aims to bring improved efficiency and transparency to the process and reduce the reconciliation between banks and trading partners.
Based on R3’s Corda blockchain, Contour was founded by seven banks, Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, SEB and Standard Chartered. Other backers include consultants Bain & Company and technology partner CryptoBLK as well as R3. NatWest seems to have dropped out of the consortium during the commercial launch.
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