Contour was set up by 8 banks including BNP Paribas, HSBC, and ING in 2018
ING-backed blockchain trade finance platform Contour announced its launch into the $18 trillion global trade market.
The launch comes after live pilots in 14 countries and a global trial with more than 50 banks and corporates. 96% of participants said Contour would accelerate their letters of credit process, improve efficiencies and reduce costs.
Contour uses R3’s Corda blockchain network to digitalize the 400-year-old process of issuing and tracking letters of credit which is currently manual, costly, and time-consuming.
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