Tata Power on Monday said it has partnered with Contour, a leading digital trade finance network based out of Singapore, to make its financial management process more robust, transparent and efficient.
Contour's network uses decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to help create a streamlined digital trade finance workflow, a statement said.
The integration enables trusted data flow across the world's trade routes and current fragmented ecosystems it explained.
Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs.
"Tata Power's collaboration with Contour will pave the way for a seamless trade finance process one that can be made significantly efficient with the robust blockchain-based solution," Sanjeev Churiwala, Chief Finance Officer, Tata Power said in the statement.
By joining Contour's network, Tata Power is implementing an end-to-end digital Letter of Credit (LC) settlement process.
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The company will gain from using a digital LC, since it will enable it to present documents in less than 24 hours, as opposed to the usual 510 days of a traditional process.
"By joining our network of 130+ corporates, Tata Power will be able to unlock more value and drive greater efficiency in trade through our digital solution," Carl Wegner, CEO at Contour said.
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