Standard Bank to use Contour letter of credit blockchain – Ledger Insights

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South Africa’s Standard Bank is joining the Contour blockchain trade finance network.
Singapore based Contour uses the R3 Corda enterprise blockchain for its digital Letter of Credit network. The platform is currently in beta testing mode and there are plans to expand the offering to standby Letters of Credit and guarantees.
The network claims that through digitization it can improve processing times by up to 90%.
“With businesses across the world having to adapt to changing work processes, it…

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