Contour Trade Finance Platform Backed by HSBC Launches; Reducing LC Processing Time by 90%

2020-10-8 23:13

Contour, a blockchain-based trade finance platform, has gone live after a successful beta testing phase. The trade finance platform aims to optimize the traditional financial system by digitizing them and putting them on a blockchain. The trade finance platform is backed by 8 major banks, including HSBC, Citi, ING, Bangkok Bank, BNP Paribas, CTBC, Standard Chartered, and SEB.

The platform was launched back in 2017 as Voltron built on top of the R3s Corda Platform. The platform promise to ease up the slow bureaucratic process for several institutions and companies via a global blockchain network. HSBC tweeted about the official launch of the platform and said,

“We’re excited to announce the world’s first global, decentralized, digital trade finance platform using #Blockchain technology has gone live this week to coincide with #Sibos2020:”

However, it is also important to note that the network is a private blockchain that would be exclusively available for partner companies for data sharing. Thus, even though HSBC's tweet calls the platform a decentralized network, it is not centralized in the traditional sense.

How Would Contour Optimize Traditional Trade Finance?

After its launch, the first goal for Contour would be to optimize the letter of credit (LC) process among parties, which, on average, takes 10 days to process currently. With Contour's blockchain system, the time consumed for processing would be reduced by 1/10th, taking around 24 hours.

Contour would develop a rulebook and membership agreement system, which would allow for the reduction of processing time by 90%.

Carl Wegner, the CEO of the platform, explained how the rulebook would help in optimizing the process and said,

“The rulebook is really important. Rather than having to string together four or five different legal agreements between the buyer, seller, buyer’s banks, and seller’s banks, which was very onerous, we now have a rulebook which makes it very easy for everybody to sign up and know what their roles and responsibilities are.”

With the official launch of the platform, all the existing members would migrate to the main net. However, it is unclear how many other members are on the platform apart from the official partners.

The post Contour Trade Finance Platform Backed by HSBC Launches; Reducing LC Processing Time by 90% first appeared on BitcoinExchangeGuide.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Safe Trade Coin (XSTC) íà Currencies.ru

$ 9.68E-5 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $9.68E-5 - H: $9.68E-5
Êàïèòàëèçàöèÿ $31.642k Rank 99999
Äîñòóïíî / Âñåãî 326.829m XSTC

platform finance trade contour aims blockchain phase

Èñòî÷íèê: bitcoinexchangeguide.com

platform finance → Ðåçóëüòàòîâ: 126


New Blockchain Platform Due to Launch by China Banking Association (CBA) for Trade Finance

In China, the entity in charge of the regulations for crypto in the local economy is the China Banking Association (CBA). In order to make some progress in their sector, the CBA has announced their intent to launch a platform for trade finance, centered around the use of blockchain technology. The annoucement occurred last week, […]

2019-1-5 18:00


Ôîòî:

Bitcoin’s Liquid Sidechain is Being Adopted by Swiss Finance Industry

Swiss IT consulting firm Inacta AG has become an official partner of Blockstream’s Liquid Sidechain for Bitcoin, the company confirmed December 17. Tokengate Meets Liquid Sidechain Inacta, one of many Blockchain-focused companies headquartered in Switzerland’s Crypto Valley in the town of Zug, also became the first token platform operator to support Liquid tokens.

2018-12-18 19:00


Bybit: BTC And ETH Futures Cryptocurrency Derivatives Exchange?

What Is Bybit? ByBit is a worldwide platform for cryptocurrency derivatives exchange. It is designed for retail traders, professionals, and investment institutions. ByBit seeks to transform today’s cryptocurrency market through combining the best of digital assets and traditional finance to create the safest, most reliable, fairest, and most user-friendly trading avenue for the industry. With its […]

2018-12-12 10:04


Ôîòî:

Bitfury Acquires Minority Stake in Final Frontier, Aims To Expand Services

The Bitfury Group has acquired a minority stake in blockchain services firm Final Frontier. Both organizations are looking to utilize each other’s knowledge and experience in the traditional and digital finance spaces to potentially release a new line of financial products and services designed to assist professional investors in getting their hands on digital assets.

2018-11-14 00:53


Circle Launches Crypto Reward Program to Attract New Customers

Crypto finance startup Circle has announced the launch of a new reward program in a bid to attract new customers to its Circle Invest platform. The reward program, which will run through the end of the year, will reward new Circle Invest customers with one of the crypto assets supported by the platform, which currently […] The post Circle Launches Crypto Reward Program to Attract New Customers appeared first on Coinjournal.

2018-11-13 01:05


Íîâûé êèòàéñêèé áëîê÷åéí-àëüÿíñ çàéìåòñÿ ðàçðàáîòêîé ôèíàíñîâûõ ïëàòôîðì

Íîâûé áëîê÷åéí-àëüÿíñ áûë îðãàíèçîâàí íåäàâíî òðåìÿ êèòàéñêèìè ðåãèîíàìè (Ãóàíäóí, Ãîíêîíã è Ìàêàî). Îñíîâíàÿ öåëü îðãàíèçàöèè – ïðîäâèãàòü èííîâàöèè è ñïîñîáñòâîâàòü ðàçâèòèþ òåõíîëîãèè áëîê÷åéíà. Èíèöèàòîðàìè ñîçäàíèÿ àëüÿíñà ñòàëè Îòðàñëåâûå àññîöèàöèè áëîê÷åéíà Ãóàí÷æîó è Ãîíêîíãà, à òàêæå Èííîâàöèîííûé öåíòð óíèâåðñèòåòà Ìàêàî.

2018-11-13 21:24


Ôîòî:

Bithumb and seriesOne Partner to Launch U.S. Securities Token Exchange

Aiming to create an SEC and FINRA-compliant U. S. exchange, blockchain-based crowdfunding firm seriesOne and crypto exchange Bithumb have formed a joint venture. According to an announcement made on November 1, 2018, officials behind the venture look to trade security tokens within a “compliant marketplace” and within the context of “other applicable regulatory approvals.

2018-11-1 19:06


Ôîòî:

GK Group’s KAMBO Platform Launches To Put Idle Cryptocurrency To Work

UK-based fintech and financial services conglomerate Global Kapital Group (GK Group) has formally released its dedicated cryptocurrency loan platform KAMBO. io as the sector quickly diversifies. Bitcoin And Ethereum As Loan Collateral In a press release dated October 30, GK-Group, which has operated various brokerage, consumer and business finance services since 2010, said it planned to level the playing field for private investors looking to use their cryptocurrency holdings as collateral.

2018-11-1 23:30


Ôîòî:

Crypto Platform Coinbase Secures $300 Million in Series E Funding Round

Popular cryptocurrency exchange Coinbase has raised a fresh $300 million in a Series E financing round, bringing the company valuation to $8 billion. Coinbase plans to use the funding to "accelerate the adoption of cryptocurrencies," as it plans to remain the "entry-point into crypto" for millions of investors, according to a published blog post.

2018-10-31 20:51


Many Crypto Experts Think XRP is Not a Security, But What Happens if Ripple’s Coin is Ruled One?

Earlier in June, William Hinman, the Director of the Division of Corporate Finance in the SEC, declared that Ethereum is not a security. The announcement came as a reprieve to crypto investors. Speaking on Ethereum, Hinman noted that it operates on a decentralized network, rather than a typical centralized platform that usually offers securities. For […]

2018-10-30 23:14


Ôîòî:

How Monero Are Improving Human Rights With XMR

 Listen Here – https://soundcloud. com/cryptodaily/how-monero-are-improving-human-rights-with-xmr Monero is considered to be the privacy coin, the currency of choice for absolute privacy. Now, privacy doesn’t necessarily mean security and we should remember that 2018 has seen a tonne of ‘Monero mining’ hacks, calling into question some of the projects integrity.

2018-10-12 17:00


Synergy of blockchain solutions by Optherium Labs

Optherium is a robust blockchain-as-a-service provider that any business can benefit from. By introducing a pioneering MultiDecentralized Private Blockchains NetworkTM, this platform offers a full-featured Operating System, turning this Global Finance Blockchain Infrastructure into the standard that will bridge the gap between the traditional and digital economies.

2018-10-10 00:49


Extauri to Launch Platform that Bridges the Gap Between Traditional and Crypto Finance

Extauri will be launching its secure token trading platform for cryptocurrency tokens, fiat, and traditional banking products such as stocks and ETFs in the first quarter of 2019. The new platform hopes to close the gap between traditional and crypto finance worlds by combining the advantages of blockchain technology with products offered by the conventional […] The post Extauri to Launch Platform that Bridges the Gap Between Traditional and Crypto Finance appeared first on Coinjournal.

2018-10-6 19:28


Ôîòî:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Ôîòî:

Voyager Cryptoassets Broker Joins Forces with Ethos for Fiat-to-Crypto Exchange

Voyager, a DLT-based digital currency broker, offering users commission-free investments, has partnered with Ethos, a cryptocurrency services provider, to integrate the latter’s universal cryptoassets wallet into its platform and make it easy for both retail and institutional cryptocurrency traders to convert fiat currency to cryptos back and forth.

2018-9-29 23:00


Ôîòî:

AAATrade CryptoExchange Launches Cryptocurrency Trading App for Mobile Devices

In a bid to offer clients more convenient cryptocurrency trading services, CryptoExchange, a digital assets trading platform owned by the AAATrade CySEC-regulated Investment firm, has now launched a beta mobile app to enable bitcoin and altcoin traders do business on the go, according to a Finance Magnates report on September 26, 2018.

2018-9-28 09:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet

A new proposal has been submitted to Aave’s governance forum that calls for deploying the DeFi lending protocol to StarkNet, StarkWare’s permissionless and decentralized ZK-Rollup. Yael Doweck, product manager at StarkWare, submitted the proposal to onboard the protocol on behalf of StarkNet creator, much like MakerDAO has on its L2.

Brazil’s Stock Exchange Planning to Offer Crypto Services Next Year

B3, Brazil’s stock exchange, is the latest institution planning to join the cryptocurrency scene next year. The San Pablo-based exchange is exploring digital asset custody and crypto-as-a-service (CaaS) segments, reported InfoMoney, citing a presentation from B3 President Gilson Finkelsztain made last week.