What is it? 

Contour is a blockchain-based open industry platform to create, exchange, approve, and issue Letters of Credit on Corda, R3’s blockchain platform.

Why do we do it? 

Contour uses blockchain technology to reduce the time it takes to execute the entire process of paper-based Letter of Credit from 5-10 days to under 24 hours. RBI, together with other global leading financial institutions, participated in the six week trial of the trade finance solution.

Who is participating? 

The Contour initiative, built on R3’s Corda blockchain platform, has completed global trials which saw over 50 banks and corporates, including RBI, participate in the simulation of multiple digital Letter of Credit transactions across 27 countries on six continents.