Contour boosts trade finance offering with Chinsay partnership

Contour, the open trade finance network, has announced a partnership with Chinsay, a leading technology company in supply chain data capture and risk management, as an order partner to enhance its offering to trade finance professionals.

The partnership follows a successful collaboration between the two organisations in producing the industry’s first fully-integrated paperless trade between Rio Tinto and Cargill

Chinsay’s Intelligent Contract Platform (ICP) was supported by Contour’s trade finance network, which itself runs on R3’s Corda blockchain.

Chinsay’s ICP allows corporates to easily capture contract data and share it with other businesses which need access or input. Combined with Contour’s network, this information enables improved communication when conducting Letter of Credit (LC) issuance between banks and corporates.

“Connectivity is a vital part of improving trade finance. Our network – and Contour’s aim – is to provide access for all different parties within the trade finance industry,” said Carl Wegner, CEO of Contour. “The success of our work with Chinsay shows the possibility that revolutionising the industry can bring. As we continue to grow in 2020, we will aim to partner with other experts in the sector to expand the accessibility of our network.”

“Equal access is a hugely important factor for trade. Businesses need to engage with one another and have a clear overview of information and transparency in their data in order to benefit from a deal. This is not only to reduce concerns about the risk that occurs when information is vague or delayed, but it also makes better business sense,” added Colin Hayward, CEO of Chinsay.

“Our work with Contour not only showcased how easy and effective this process can be – but also how ground-breaking it is to the sector. Through an established partnership, we hope to continue our work and provide an increasingly better service to corporates.”