![]() History of ContourĬontour’s journey began in April 2018 with global banks testing next-generation technology for trade finance on R3’s Corda platform.īy February 2019, a global trial explored the benefits of enterprise distributed ledger technology (DLT) for Documentary Trade. These platforms, despite their initial promise, have struggled to achieve the scale and interoperability needed for long-term viability. As a result, it was unable to generate enough revenue to cover its costs.Ĭontour joins a growing list of platforms that have failed to sustain themselves, including Marco Polo, we.trade and Tradelens. However, despite its advantages, Contour was unable to attract enough users to its platform. ![]() Contour also had a number of integration and documentation partners, including Finastra, CargoX, Bolero and Surecomp. The platform allowed banks and corporates to issue, manage, and process letters of credit (LCs) electronically.Īt its peak, Contour boasted a network of 21 banks and a range of partners across various sectors. This development was first reported by Global Trade Review (GTR).Ĭontour was launched in 2020 by a group of leading banks, including ANZ, BNP Paribas, HSBC, and Standard Chartered, with the aim of digitising and streamlining the documentary trade process. ![]() Operations will cease on November 30, leaving users a brief window to complete transactions and download essential data. Digital trade finance platform Contour has announced its closure, citing insufficient funding from its bank shareholders.
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