Digital trade finance network Contour has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.
The partnership with Contour’s network, which digitises paper-based trade finance processes such as Letters of Credit (LCs), will drive interoperability for users of both solutions. By harnessing both solutions, corporations can experience a seamless connection between the physical supply chain and the financial system.
The partnership will support the entire workflow involved in trading goods around the world – from accessing trade finance and managing the documents underpinning the shipping process, to having goods released from a port. Participants including importers, exporters, logistics service providers, and financial institutions will all benefit from improved efficiency and reduced cost.
Carl Wegner, CEO at Contour, said: “The global logistics and shipping industry – like trade finance – is in critical need of digitization. Counterparties need to be able to interact with trust, certainty and security – both in the way they finance trades and in the processes that support the physical shipment of goods. The problems that have beleaguered global trade for years are slowly becoming a thing of the past as adoption of innovative digital technologies picks up pace. We look forward to working with GSBN to further accelerate this industry-wide shift”.
“Today’s global shipping industry is struggling to keep up with the rising complexities of supply chains, markets and economies. Digital transformation is key to addressing these challenges, but this can only be achieved by breaking down the different silos in the supply chain. This partnership with Contour breaks down another silo by connecting the physical supply chain to the underlying financial system. This will pave way for more trusted collaboration between market particpants, as well as a more efficient and resilient global supply chain.” Said Bertrand Chen, CEO at GSBN.
Source: Seatrade Maritime