Tata Power has partnered with Contour, a Singapore-based digital trade finance network, to make its financial management process more robust and transparent.
Contour’s network uses decentralised technology (blockchain) to bring together companies, banks, and ecosystem partners on to a trusted network and help create a streamlined digital trade finance workflow, a statement said.
Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs. The integration (with Contour) enables trusted data flow across the world’s trade routes and fragmented ecosystems, the statement said.
“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,” said Sanjeev Churiwala, Chief Finance Officer, Tata Power.
Tata Power is implementing an end-to-end digital letter of credit (LC) settlement process by joining Contour’s network. The company will gain from using a digital LC, as it will enable it to present documents in less than 24 hours, as opposed to the usual process of five to 10 days, said the statement.
“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,” said Carl Wegner, CEO, Contour.