Finastra Collaborates With Contour for Digital Trade Financeby Fintech News Singapore October 10, 2022
Financial services software and cloud solutions provider Finastra will integrate its Fusion Trade Innovation software with Contour, a global digital trade finance network, to provide banks and corporates with a streamlined end-to-end back-office workflow.
The collaboration links together the two key components of digital trade finance – a deeply integrated core banking platform for internal processes, and an external decentralised network for bank and corporate customer communication.
It enables digital adoption while decreasing client costs, reducing reliance on paper transactions, and reducing risk.
The solution offers full transparency and visibility as users may access their data through either platform, reducing the Letter of Credit lifecycle by up to seven days.
Carl Wegner, CEO of Contour commented,
“Our partnership with Finastra is an important step forward in breaking down barriers to adoption and increasing access to trade finance.
By integrating with Finastra’s Fusion Trade Innovation, financial institutions and corporates will have access to an end-to-end ecosystem of services that will enable them to transact seamlessly and securely.”
Isabel Fernandez, EVP, Lending Business Unit at Finastra said,
“Finastra is focused on making it simple for our financial institution clients to connect seamlessly to the global trade ecosystem so they can maximise business efficiency and develop new business opportunities.
We’re pleased that this collaboration enables corporates, particularly small and medium enterprises (SMEs), access to trade and working capital finance where they transact.”