Commerzbank has completed a blockchain-based Letter of Credit transaction for a client on the Contour digital trade finance platform.
In brief:
-Built on R3’s Corda, bank-backed Contour’s network focuses on eliminating the paperwork in the creation, exchange, approval and issuance of letter of credits.
-Commerzbank completed the transaction for Ascentex Exim
-In addition, Commerzbank's China branch also completed a blockchain-enabled LC transaction.
What does this mean?
Brigitte Réthier, divisional board member for institutional client and transaction banking sales, Commerzbank, says: "By leveraging the power of advanced technology, we aim to enhance efficiency, reduce costs, and provide greater accessibility to trade finance, ultimately enabling businesses to thrive in today’s rapidly evolving global marketplace.”
