It can now provide digital letter of credits to clients.
DBS has joined the blockchain trade finance network Contour, becoming the first Singaporean lender to do so, according to a news release.
Built on enterprise blockchain tech firm R3’s Corda platform, the Contour network focuses on digitalisation, including the creation, exchange, approval and issuance of letter of credits (LCs). Through the network, DBS will provide a fully digital end-to-end LC settlement process for clients, as well as transferring trade and title documents.
Corporate clients can conduct pre-issuance negotiation between applicant and beneficiary in real time, and share this with DBS post-endorsement for LC issuance, thus increasing the accuracy of LCs issued and facilitating quicker resolution in the event of discrepancies.
Customers can also track transactions on the platform in real time, along with a full audit trail.
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