Finastra connects to Contour, offering an enhanced digital trade finance network

The integration brings together banks and businesses from around the world through a common digital network ecosystem, increasing access to trade finance while enabling seamless and secure transactions.

LONDON, October 10, 2022 /PRNewswire/ — Today at Sibos 2022 in amsterdamToday, Finastra announced a strategic collaboration to integrate its Fusion Trade Innovation software with Contour, the global digital trade finance network, providing banks and enterprises with an end-to-end streamlined back-office workflow. Users can access their data through either platform, giving banks greater efficiency and faster response times when processing letter of credit transactions. Ultimately, it opens the door to increased access to trade finance and higher profitability for banks.

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Charles WegnerCEO 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 businesses will have access to a comprehensive end-to-end ecosystem of services that will enable them to transact seamlessly and securely.”

Global commerce is a multi-billion dollar industry that businesses and consumers rely on every day. To increase efficiency, many financial institutions have looked to a network to support collaborative workflows between business participants. Finastra and Contour address this need through this new integration, enabling digital adoption while lowering client costs, reducing reliance on paper transactions and reducing risk.

Together, Finastra and Contour will further accelerate the adoption of digital trade solutions by linking the two key components of digital trade finance: a deeply integrated core banking platform for internal processes and a decentralized external network for communication with banking and corporate clients. . The solution offers full transparency and visibility, reducing the life cycle of the letter of credit by up to seven days, freeing up working capital for companies and improving returns for banks.

Elizabeth FernandezEVP, Lending Business Unit at Finastra said: “We are excited to connect with Contour, an innovative leader in this space, on our journey to orchestrate the digital commerce ecosystem for our clients. Finastra is focused on making it simple for our financial institution clients to seamlessly connect to the global trade ecosystem so that they can maximize trade efficiency and develop new business opportunities We are pleased that this collaboration will enable businesses, particularly small and medium-sized enterprises (SMEs), to access trade and finance from the working capital where they carry out transactions.

Visit us at Sibos this year at the Finastra booth #E57 and the Contour booth #DIS40. Contour is hosting a daily on-site demo at 14:00 CEST for anyone who wants to join.

For more information contact:

Caroline Duff Adeline Ee McNary
Global Head of Public Relations Head of Marketing and Communications
T +44 (0)7917 613586 T +1 206-890-9622
me [email protected] me [email protected]
finastra.com contour.network

About the outline

The outline is a Singapore-Global based digital trade finance network that is building the global standard for trade by bringing together the world’s banks, businesses and ecosystem partners in a common, digital and trusted network. Driven by innovation, trust and collaboration, Contour uses decentralized technology to offer seamless integration with market-leading digital document systems and other digital networks, enabling the instant flow of trusted data across trade routes. of the world and today’s fragmented ecosystems. Contour won the Corporate Treasurer House Prizes: Service Providers (Pacific Asia) for Digital Innovation in 2022. It was also named Best Fintech in Commerce in 2022 and Leader in Commerce for Digitization in 2021 by GTR, and recognized by Treasure Management International as Best Trade Finance Solution in 2021. www.contour.network

About Finestra

Finastra is a global provider of financial software applications and marketplaces, launching the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services in loans, payments, Treasury and Capital Markets and Universal Banking (retail, digital and commercial banking) for banks to support direct banking relationships and grow through indirect channels such as integrated finance and banking as a service. His pioneering approach and commitment to open finance and collaboration is why he is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.

For more information, visit www.finastra.com

Logo: https://mma.prnewswire.com/media/1916021/FINASTRA_Logo.jpg

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SOURCE Finestra

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