Contour’s Partnership with WAVE BL Enhances Trade Digitisation

Published

Contour, the Singapore based global trade finance network has today announced its partnership with WAVE BL, a leading blockchain-based digital courier platform that mirrors the traditional process for transferring original paper documents⁠ electronically. The news follows as part of Contour’s ongoing expansion of integration partners to maximise the accessibility of digital trade finance solutions.

WAVE BL’s solution enables instant, encrypted and authenticated transfer of unique digital documents, streamlining an otherwise cumbersome, manual process, without compromising security. Users retain exclusive and full control over their data, account access and account identity, combining the trustworthiness of traditional paper documentation with the efficiency of a digital solution.

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.

Digitisation is introducing massive efficiency gains within the trade finance industry. WAVE BL ensures document transfers are impossible to falsify, forge or loss while saving up to weeks per transfer. Contour’s network reduces the processing time of LC presentation by up to 90%. This, combined with increased transparency for banks and corporates, enables transactions to be made with greater confidence.

Carl Wegner, CEO at Contour said: “Traditional paper-based processes are holding back the trade finance industry, as well inhibiting the development of global trade as a whole. However, there’s no single path to digitising trade finance – a whole new ecosystem is required, and that can only be achieved through collaboration between banks, corporates and technology providers. That’s what our partnership with WAVE BL seeks to achieve. Together, we’re able to bring the benefits of digital transformation to a growing number of industries, while also increasing the accessibility of our network to more users.”

Gadi Ruschin, CEO at WAVE BL said: “We are happy to bring world leading carriers such as ZIM and MSC and international companies such as OEC Group and Interglobo Group into Contour’s network. Our service, enhanced through being a part of Contour’s network, helps bring international trade into the 21st Century – documents that once took weeks to arrive can be delivered nearly instantly with much greater security. Accelerating these otherwise archaic processes is a key milestone towards realising our vision of a unified global network of B2B documentation exchange.”

Most recent episodes

From 2020 to 2021: Treasury in Transition

Over the last 12 months, the treasury community has successfully navigated some of the toughest trading and operational conditions in living memory. In this interview, Peter Cunningham, Citi, chats to TMI’s Eleanor...

24:59

A New Era for Treasury Centralisation

The second instalment of the Journeys to Treasury podcast series sees Wim Grosemans, BNP Paribas Cash Management, and Didier Vandenhaute, PwC, consider why centralisation has become such a persistent theme for treasurers in a Covid-19 world. In this episode, our...

18:40

Re-tooling Treasury for a Resilient Future

Preparing for the unknown is a challenge. But forward-thinking treasurers are beginning to access real-time useable data to optimise cash forecasting – and automating investment processes. Eleanor Hill speaks to Jim...

32:28

Innovation for Long Term Resilience

Johnny Grimes, Deutsche Bank, joins TMI's Eleanor Hill in the TreasuryCast studio to cover the ways in which treasury functions have hastily adapted to counteract the disruption caused by the ongoing pandemic. Our guest considers how an accelerated pace of...

19:17

Journeys to Treasury: What’s New for 2021?

In this special edition of TreasuryCast, Jan Dirk van Beusekom, BNP Paribas, and François Masquelier, SimplyTREASURY, join Eleanor Hill to contemplate findings from the first chapter of the 2020 - 2021 Journeys to...

22:29

Easing Bank Connectivity with Fintech Innovations

How can technology advances – and fintech solutions – help to streamline the banking experience for corporates? And what are the best practice guidelines treasurers can follow while embarking on their digital...

19:58

E-commerce and Strong Customer Authentication: Treasury Imperatives

TMI's Eleanor Hill invites Sara Savidge and Colm O'Monachain, Merchant Services, Wholesale Payments, J.P. Morgan to sit in the TreasuryCast hotseat and discuss how corporate...

13:25

Preparing for the Next Digital Treasury Challenge

We speak with Boris Lipiainen, Chief Technology Officer and Simon Shorthose, MD, Northern Europe, Kyriba, about how the world is changing for treasurers and CFOs, how to prepare for the next challenges and about the...

13:38

Treasury in 2021

What's in store for treasury in 2021? TMI's Eleanor Hill chats with Jared Smith, Managing Director, Global Head - Corporates, Global Liquidity and Cash Management, HSBC, to discuss how unprecedented economic circumstances are facilitating an uptake in digital...

15:27

The Future of the TMS After the Pandemic

In this interview with Nik Romano, Managing Director, EMEA Emerging Markets, Ky...

23:43