Trade finance network Contour partners with essDOCS to accelerate paperless trade

Contour, the Singapore-based open trade finance network, and essDOCS, which enables paperless trade, have completed the integration of their technology. 

The integration follows Contour and essDOCS’s initial collaboration for a paperless trade transaction between Rio Tinto and Baosteel. By completing their integration, the two firms expect to enhance their joint offering and advance the shift towards digital, paperless trade finance transactions. 

Contour’s non-partisan network, powered by R3’s Corda blockchain technology, allows all banks, financial institutions, and corporates to improve access, communication, and transparency when conducting trade finance agreements.

essDOCS’ CargoDocs platform fully digitises the creation, approval and exchange of original electronic documents including bills of lading, warehouse warrants and more, slashing trade document turnaround times.

The Contour-CargoDocs integration allows for complete access to original electronic documentation and data relevant to a given trade finance transaction within the Contour system. 

“With essDOCS joining the Contour network, we’re furthering our goal to digitise the trade finance industry. With environmental concerns around the overuse of paper in the sector, as well as the need to conduct business in a safe, yet practical manner, this collaboration will allow us to provide electronic documents on our network and improve the way trade finance is conducted,” said Carl Wegner, CEO at Contour.

“Digitisation is no longer a ‘nice to have’ but rather a critical capability that streamlines trade and protects stakeholders. Through this partnership, our mutual customers can access the full capabilities of Contour and CargoDocs from a single user interface,” added Alexander Goulandris, Co-CEO at essDOCS.