10 days to 24 hours – TradeSun joins Contour to simplify African paper-based LC transactions

Contour, a network for global trade, announces partnership with TradeSun, provider of an automated blockchain on-ramp, to simplify the handling and authentication of paper-based documents into R3 Corda.

Contour is a global network of banks, corporates and ecosystem partners working together to transform trade finance. Through removing barriers in the trade ecosystem, Contour is building a new global standard, where everyone can collaborate seamlessly on one platform. Contour’s initial offering – a digital Letter of Credit (LC) solution – reduces the processing time of LC presentations by up to 90%: from 10 days to 24 hours.

Utilizing advanced sciences to homogenize disparate documents not in the blockchain, TradeSun alleviates the labour-intensive process by digitalizing those documents and checking compliance to further reduce the time it takes to process Letters of Credit.

Contour and TradeSun’s collaboration will help streamline trade processes in key regions – including the African continent where innovation can provide greater access for banks and businesses wishing to trade.

Carl Wegner, CEO of Contour: “The transactions on our network are only part of our dedication to developing a workable ecosystem. To make international trade better for the future, we need to establish effective partnerships with other organisations looking to change the industry. Collaboration with TradeSun is a prime example of this, allowing us to improve the overall process of trade finance.”

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Nigel Hook, CEO of TradeSun: “Both companies recognize that technology will open the doors in markets which have previously been hampered by the slow, duplicative, and expensive processes needed to complete trade transactions. The 2^nd largest continent, Africa, is endowed with plentiful natural resources and 1.3 billion people, but has only 2.3% of the global market. The Contour with TradeSun platform will fuel the economies by uniting their countries on the R3 Corda blockchain platform.”