EmerioBanque

Contour Partners With TradeLens To Digitally Transform Trade Finance Workflows

As per the latest news, Contour, a global digital trade finance network has reported its partnership with TradeLens, a blockchain-based supply chain platform focused on delivering a secure, safe & transparent transfer of electronic Bills of Lading (eBL).

This aforesaid Contour-TradeLens Partnership seems critical for the ecosystem as it consolidates direct access to significant ocean carriers with a structured trade finance network. No arrangement could provide a phenomenal solution like these kinds of partnerships where the corporates and banks can synchronize their trade finance services with the physical shipment and enjoy an interoperable, end-to-end paperless transaction.

The demand for these kinds of digital trade solutions has reached its peak and the biggest reason is the sudden outbreak of the global pandemic that exposed the vulnerability of global supply chains and highlighted liquidity requirements on SMEs. In international trade, a Bill of Lading is a critical document that shows that the shipment has been performed, and the banks are required to fund goods that are still in transit (by waterways). These digitally-transformed eBills will simplify and structure the entire trade finance process.

The TradeLens eBL improves the issuance, transfer, and surrender of original shipping documents by transforming this transfer of title process. This eBL arrangement is acknowledged by the business including sea transporters, banks, and regulators, and appreciates a supply chain ecosystem that delivers information exchange for over 65% of containerized trade. Direct incorporation with sea transporters enables a native issuance of a digital BL in an organized format as soon as it is released. This is how good logistic practices can help in global trade recovery.

The growing network of Contour enables all banks, financial institutions, and corporations to further develop digitization, speed, and transparency in their trade finance processes. The involvement of TradeLens in this initiative will further improve the solution. For example, while dealing in Contour’s digital Letter of Credit (LC) solution, both the buyers & sellers can agree on the terms of presenting eBL as a proof of shipment and eliminate the requirement of receiving, sending, and altering paper documents. This whole idea ensures the ultimate user experience, decreases workflows, and further develops turn-around time. 

Recommended Read: TradeLens Finally Completes Its First End-To-End Paperless Trade Finance Transaction

Carl Wegner, CEO at Contour explained, “Our association with TradeLens helps us complete our goal of introducing a truly global and digital trade finance ecosystem. With increasing difficulties in supply chains and markets across the world, digital transformation is essential to address many of these complexities. Through planned association with top industry players, we can improve the speed towards digitization and improve the trade finance industry standards.”

Kim Spalding, CEO of GTD Solution and the TradeLens platform stated, “We are glad to operate with Contour on the digitization and synchronization of banking and shipping document processes. Consolidating our ecosystems will improve the speed of using eBLs and introduce safe working procedures with reliable data from blockchain verified documents.”





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

22 Nov

How Banks Can Parlay Technology into a Competitive Edge

Technology has become a new basis for banks in order to survive in the competition. Leading banks us...

21 Nov

Trade Credit Finance: The Advantages and Disadvantages

The Trade credit is basically a kind of short-term financing which permits the businesses to purchas...

15 Nov

International Trade Finance Trends: What To Expect In 2023

International trade finance is considered as the dynamic along with an ever-evolving field which als...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.