visimoney
TLDR:
– Xalts has acquired Contour Network to accelerate digitization in trade and supply chain finance.
– The move combines Xalts’ digital finance expertise with Contour’s established network connecting global banks to businesses.
In a recent press release, it was announced that FinTech platform Xalts has acquired Contour Network from a consortium of global banks. The goal of this acquisition is to speed up the digitization of trade and supply chain finance by leveraging Xalts’ digital finance applications alongside Contour’s established network.
Started in 2017 by eight global banks, Contour Network has grown to include over 22 banks and 100 global businesses using its digital trade finance solutions. Xalts plans to use Contour’s industry standard workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network.
The founders of Xalts aim to expand the scope of Contour’s network and create a platform for businesses to access digital solutions for trade and supply chain finance from banks, FinTechs, and technology partners. With a focus on embedded solutions, Xalts plans to empower various entities to offer integrated solutions to businesses through a single platform.
Xalts is also committed to innovation in blockchain and tokenization, allowing institutions to develop new applications and products leveraging these technologies. Backed by Accel and Citi Ventures, Xalts is expanding its global presence across various offices around the world.
In April 2023, Citi India conducted its first blockchain-enabled letter of credit transaction using the Contour network, wrapping the document presentation in just three hours instead of the typical five to 10 days. This successful transaction showcases the potential of digitization in trade finance facilitated by Xalts and Contour.
