Voltron has launched an open platform on Corda blockchain.
The new platform covers documentary trade, targeting production, and R3’s Corda Enterprise blockchain platform in 2019.
Voltron’s initial aim is to use blockchain technology in order to bring significant efficiencies to transacting letters of credit.
Additionally, it will enable banks to speed up financing decisions and enhance the customer experience, while the bank’s corporate clients can reduce internal operational procedures.
This can be done through less reconciliation with their trading partners and banks, Voltron said.
Meanwhile, corporate customers will be able to connect with their banks and trading partners via a single, simplified channel, for both issuance of letters of credit and presentation/exchange of documents across an open network.
Trade documents produced on external networks by corporate supply chain partners can be digitally sent, verified, and processed in Voltron.
According to Voltron, This new model provides legal enforceability of title documents and greater digitisation across business networks on Corda, addressing the challenge of today’s digital islands bridged by paper-based processes.
The Bolero network and electronic Bill of Lading (eBL) functionality is included at launch. The essDocs network and eBL solution will start the initial design and integration with the Voltron solution, with others to be added on a rolling basis, Voltron revealed.
Founding members of Voltron include Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB, and Standard Chartered.
David E. Rutter, CEO of R3, commented: “Today’s trade finance solutions were built in siloes, adding significant risk, operational inefficiencies and costs into the process. Previous trades conducted on Voltron have demonstrated banks can offer a commercially and operationally viable blockchain solution with significant customer benefit.”
“It is critical for banks and corporates to have the option to work with the technology partner of their choice, as this lowers barriers to adoption and helps drive widespread deployment of Voltron via our partners.”
“In addition, our focus on industry collaboration and open networks uniquely positions Voltron to scale by leveraging the Corda Network to ensure interoperability with other global trade initiatives and other networks including supply chain, cash, insurance and identity.”
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