Alfa Bank has joined the Contour international network of trade finance, which interconnects trade companies and banks for a reliable and transparent process of drafting, issuing and advising letters of credit. The issuance of a letter of credit is a labor-intensive process which involves heavy paperwork. Contour’s network reduces the processing time of letter of credit issuance by up to 90 percent.
Carl Wegner, CEO of Contour, said in a statement “The significant interest in Contour’s development did not slow ahead of our launch in October. We worked with many interested parties keen to experience the benefits of streamlined processes, improved efficiency and an overall better ecosystem for trade finance to be conducted. Alfa Bank marks yet another step forward for Contour, being the first Russia-based bank on our network. Their involvement will continue to build an inclusive network that will improve trade across the globe.”
The Contour network is a digital eco-system of trusted parties which includes applicants, issuing banks, beneficiaries, and other participants in the process. It was founded by major international banks such as BNP Paribas, HSBC, ING and Standard Chartered, and seeks to optimise the process, cut operating costs and expedite settlements. Alfa Bank is the largest universal privately owned bank in Russia, leading in all banking business segments for three decades. It serves more than 850 thousand corporate clients and 18.7 million retail customers.