Finastra Collaborated with Contour For Enhanced Digital Trade Finance Network

As per the latest news, Finastra reported a strategic association to merge its Fusion Trade Innovation software with Contour, the global digital trade finance network, facilitating banks & corporates with structured end-to-end back administrative work procedures. Users will be able to access their information through either platform, enabling banks with improved efficiency and quicker turnaround times while processing Letter of Credit transactions. Ultimately, it boosts the demand for trade finance and improves banks' returns.

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Carl Wegner, CEO of Contour, stated, “Our association with Finastra is a significant forward-moving step towards breaking obstructions to adoption and improving access to trade finance. By merging with Finastra’s Fusion Trade Innovation, financial institutions & corporates will gain access to an end-to-end ecosystem of services that will allow them to make transactions smooth & safe.”

International trade is a multi-trillion dollar industry which bears a crucial dependence on corporations & consumers in terms of global trade transactions. Many financial organisations seek a network to help cooperative work processes between trade participants to improve effectiveness. Finastra and Contour resolved this requirement through this latest integration, enabling the adoption of digital trade solutions while decreasing client expenses, dependence on paper transactions and foreign trade risks.

Finastra and Contour will further speed up the acquisition of digital trade solutions by connecting the two essential components of digital trade finance - a profoundly coordinated core banking platform for internal purposes and an external decentralised network for bank and corporate customer communication. The arrangement offers full transparency and visibility, decreasing the Letter of Credit procedure by up to 7 days, releasing working capital for corporations and boosting banks' returns. 

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Isabel Fernandez, EVP of the Lending Business Unit at Finastra, stated, “We are glad to associate with Contour, an innovative leader in the industry, in our endeavours to organise the digital trade ecosystem for our clients. Finastra is focused on simplifying it for our financial institution clients to connect smoothly to the international trade ecosystem so that they can boost business efficiency and find new business opportunities. We are glad that this association helps corporates, especially small and medium enterprises (SMEs), to access trade and working capital finance where they transact.”

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