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Trade Network Connector – Contour

Contour

Corporate and Commercial Banking
Trade Network Interface
Finastra connects to Contour offering an enhanced digital trade finance network.
Corporate and Commercial Banking
Trade Network Interface
Finastra connects to Contour offering an enhanced digital trade finance network.

Introducing the Trade Network Connector - created through a strategic collaboration between Contour and Finastra, integrating Fusion Trade Innovation with Contour’s global decentralized trade network. The integration connects banks' workflows to Contour's global network of banks and corporates through a common ecosystem, increasing access to trade finance while enabling seamless and secure transactions.

The Trade Network Connector with Contour enables banks to easily enhance their clients’ digital trade journey by simplifying complex trade finance processes and improving working capital, digitising key trade finance activities, and connecting trade finance banks and trade partners on a single platform.

Provide data confidentiality and control and offer powerful API integrations to connect to banks’ contracting platforms or ERP, digital documents and electronic bills of lading with the help of Finastra Fusion Trade Innovation and FusionFabric.cloud.

Cost savings

Optimize efficiency, increase working capital. With real-time status updates on transactions, Contour enables businesses to optimize efficiency, free-up cash flow and make more informed business decisions.

Fast and efficient

Reduces the LC presentation time by up to 90%, from 10 days to under 24 hours. In addition, the fully digitized end-to-end process from all leading eBL (electronic bill of lading) providers cuts transaction times and boosts efficiency.

Private and secure

Utilizing a decentralized blockchain network ensures privacy as every participant in the network has separate databases only accessible by them. No one single party has control of all the data. There is also no public ledger of any activity on the network.

General information

Commercial model
Finastra
Integration
Pre-integrated products
Fusion Trade Innovation
doneAvailable for all 3rd party systems
Website
Support
Privacy policy
Data processing countries (1)
Singapore
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How it works

Contour transforms the Letter of Credit process by managing the entire end-to-end process in a collaborative workflow, giving buyers and sellers instant access and real-time visibility of the transaction, all on one connected platform, connecting internal bank workflows to external client communications through a seamless and secure decentralized network. A letter of credit is requested by the corporate user (importer/applicant) through the Contour network using Fusion Trade Innovation (FTI):

Submission

The importer (Applicant) submits a letter of credit (LC) application to the Issuing Bank through Contour. Contour sends the details via APIs to FTI.

Fusion Operate

The Fusion Operate adapter filters and classifies data and routes the transaction to FTI. The import letter of credit transaction is created in FTI and sent to the issuing bank user, and a notification is sent to Contour

Check

All the above are sent to the advising bank, that checks the details on the FTI

LC Issued

The LC is issued and advised through the Contour network to the corporate user (exporter/beneficiary)
How it works

How it looks

Create

Applicant environment on Contour - One duty Corporation Show less

Issue the LC

Issuing Bank environment on FTI - Voyage Bank Show less

Advise the LC

Advising Bank environment on FTI - Prosperity Bank Show less

Amendment initiated by Applicant

Applicant environment on Contour - One duty Corporation Show less

Issue Amendment

Issuing Bank environment on FTI - Voyage Bank Show less

Beneficiary Response to Amendment

Beneficiary environment on Contour - Springwell Co. Ltd Show less

ILC Beneficiary Response to Amend Created on FTI

Issuing Bank environment on FTI - Voyage Bank Show less
screenshot container
CreateIssue the LCAdvise the LCAmendment initiated by ApplicantIssue AmendmentBeneficiary Response to AmendmentILC Beneficiary Response to Amend Created on FTI

Create

Applicant environment on Contour - One duty Corporation

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