DBS joins blockchain community Countour to faucet into the platform’s digitalized commerce finance capabilities.
DBS turns into Singapore’s first lender to hitch blockchain agency R3’s Corda to supply end-to-end letter of credit score (LC) settlement to shoppers. Through the Corda community, the financial institution expects shortened settlement time, decreased paperwork and simplified processes.
As well as, the platform additionally allows digitalized real-time negotiations, post-endorsement sharing with banks and real-time monitoring of transactions with a full audit path.
«Becoming a member of Contour’s rising ecosystem of banks and companions aligns with DBS’s ongoing efforts to drive larger efficiencies in commerce and unlock strategic worth for its company clients,» DBS stated in an announcement.
Coronavirus Alternative
Within the midst of an ongoing coronavirus pandemic, quite a few banking sub-segments have been capitalizing on the chance for larger openness to digital options and an accelerated fee of adoption. Commerce finance is not any exception and any answer that may velocity up money movement assortment in safe trend is probably going all of the extra welcome within the present atmosphere.
«That is greater than merely digitizing a traditionally paper-based service,» stated John Laurens, DBS’s group head of world transaction companies. «[I]t’s about remodeling the way in which industries work by offering larger transparency, safety and velocity to construct sustainable commerce ecosystems which can be capable of climate the peaks and troughs of financial cycles and are resilient in instances of disaster.»
DBS joins BNP Paribas, Bangkok Financial institution, ING, HSBC, Normal Chartered and Citi Ventures as different members of Singapore-based Countour’s blockchain commerce finance community.f
