Commerzbank makes blockchain-based trade finance transactions

Constructed on R3’s Corda, bank-backed Contour’s community focuses on eliminating the paperwork within the creation, alternate, approval and issuance of letter of credit.

Commerzbank accomplished the transaction for Ascentex Exim, a Singapore-based textile dealer. The LC was issued for a cargo of rubber threads from Thailand to Krungthai Financial institution. As well as, Commerzbank’s China department additionally accomplished a blockchain-enabled LC transaction.

Contour says that its decentralised platform resulted in important time and price financial savings inside this course of.

Brigitte Réthier, divisional board member for institutional shopper and transaction banking gross sales, Commerzbank, says: “By leveraging the ability of superior know-how, we intention to reinforce effectivity, cut back prices, and supply higher accessibility to commerce finance, in the end enabling companies to thrive in right now’s quickly evolving world market.”