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Finastra offers an enhanced digital trade finance network through Contour

Monday 10 October 2022 10:54 CET | News

UK-based fintech Finastra has integrated Contour’s to Fusion Trade Innovation software to augment the processing of Letter of Credit transactions for banks.

 

Contour’s partnership with Finastra is a step forward in breaking down barriers to adoption and increasing access to trade finance. By integrating with Finastra’s Fusion Trade Innovation, financial institutions and corporates will have access to an end-to-end ecosystem of services that will enable them to transact seamlessly and securely.

Together, the two companies will further accelerate the adoption of digital trade solutions by linking together the two key components of digital trade finance – a deeply integrated core banking platform for internal processes, and an external decentralised network for bank and corporate customer communication. The solution offers full transparency and visibility, reducing the Letter of Credit lifecycle by up to seven days, freeing up working capital for corporates, and improving returns for banks.

Users may access their data through either platform, providing banks with increased efficiency and faster turnaround times when processing Letter of Credit transactions. Ultimately, it opens the door for increased access to trade finance and stronger returns for banks.

Finastra has integrated Contour’s to Fusion Trade Innovation software to augment the processing of Letter of Credit transactions for banks.

Views on global trade

Global trade is a multi-trillion-dollar industry that corporates and consumers rely upon daily. To increase efficiencies, many financial institutions have sought a network to support collaborative workflows between trade participants. Finastra and Contour address this need via this new integration, enabling digital adoption while decreasing client costs, reducing reliance on paper transactions, and reducing risk.

Finastra’s officials stated that they are happy to connect with Contour, in the journey to orchestrate the digital trade ecosystem for their clients. Finastra is focused on making it simple for its financial institution clients to connect seamlessly to the global trade ecosystem so they can maximise business efficiency and develop new business opportunities. Representatives added that this collaboration enables corporates, particularly small and medium enterprises (SMEs), access to trade and working capital finance where they transact.


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Keywords: Open Finance, Open Banking, SMEs, digitalisation, trade finance
Categories: Banking & Fintech
Companies: Contour, Finastra
Countries: World
This article is part of category

Banking & Fintech

Contour

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Finastra

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