[ad_1] <br><div id="content-body-66746860" itemprop="articleBody"><amp-position-observer intersection-ratios="0.5" on="scroll:showdialog.seekTo(percent=event.percent)" layout="nodisplay"/><p>Citi India has accomplished its first blockchain-enabled Letter of Credit score (LC) transaction on Contour for its shopper <a target="_blank" href="https://www.thehindubusinessline.com/stocks/cummins-india-ltd" rel="noopener">Cummins India </a>Restricted (Cummins), a diversified industrials manufacturing firm. </p><p>The transaction is a primary for each Cummins and Citi India on Contour, a worldwide digital commerce finance community, powered by blockchain expertise, that allows a number of events – banks, corporates, and logistic companions – to collaborate seamlessly and securely in real-time on a single platform. Citi is a founding member financial institution of Contour. </p><p>Learn additionally: <b><a target="_blank" href="https://www.thehindubusinessline.com/opinion/blockchain-tech-is-the-future/article37999487.ece" rel="noopener">Blockchain tech is the future </a></b></p><p> Contour’s decentralised international commerce finance community has confirmed that LC processing time can fall by as a lot as 90 per cent. </p><p>Underneath the LC, doc presentation normally takes 5-10 days, whereas for Cummins it was accomplished in three hours. This marked the primary home end-to-end blockchain-enabled LC transaction accomplished on Contour. </p><p>Mridula Iyer, Head of Treasury and Commerce Options, Citi South Asia, stated, “A high precedence for our commerce enterprise globally, and in India, is to simplify commerce processes and cut back transaction time, in addition to present shoppers entry to commerce financing and dealing capital options, by means of digital platforms. </p><p>Learn extra: <b><a target="_blank" href="https://www.thehindubusinessline.com/money-and-banking/indias-first-blockchain-implementation-goes-live/article23422835.ece" rel="noopener">India’s first blockchain implementation goes live</a></b></p><p>Platforms corresponding to Contour convey collectively a number of companions concerned in a commerce transaction whereas eliminating the necessity for paper-heavy documentation and is a essential enabler of commerce digitisation. We're extraordinarily happy to have the ability to companion with Cummins and Contour in executing this transaction”.</p><p>Citi, by means of its Treasury and Commerce Options (TTS) enterprise in India, served as each LC Advising and Issuing Financial institution. </p></div><div id="pianomodalpaywallblockshowPageviewLast" subscriptions-actions="" subscriptions-display="data.c.showPageviewLast AND granted" subscriptions-service="local"><button on="tap:pianomodalpaywallblockshowPageviewLast.hide"> X </button><div class="paywallblockcontent fullopacity"> That is your final free article.
</div></div> <br>[ad_2] <br><a href="https://www.thehindubusinessline.com/money-and-banking/citi-india-completes-first-blockchain-enabled-letter-of-credit-transaction-on-contour/article66746860.ece/amp/">Source link </a>