Trade Network Connector – Contour
Contour
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
How it works
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 ContourCheck
All the above are sent to the advising bank, that checks the details on the FTILC Issued
The LC is issued and advised through the Contour network to the corporate user (exporter/beneficiary)
How it looks
ILC Beneficiary Response to Amend Created on FTI
Issuing Bank environment on FTI - Voyage Bank Show less
Create
Applicant environment on Contour - One duty Corporation Resources
