BofAML, HSBC and IDA Singapore Develop Blockchain for Letters of Credit

Moderator: moderators

kreslik.news
rank: 5000+ posts
rank: 5000+ posts
Posts: 5163
Joined: Thu Jan 14, 2016 9:36 am
Reputation: 0
Gender: None specified

BofAML, HSBC and IDA Singapore Develop Blockchain for Letters of Credit

Postby kreslik.news » Tue Aug 09, 2016 10:01 am


Securing a Letter of Credit (LC) is the old and established way for financing international trade. A LC is basically a guarantee provided by a bank that an exporter will receive payment from an importer from another country once certain conditions are met; for example once the goods are shipped. The process is usually very time and labour intensive, as the banks need to run multiple checks on the two sides, exactly they type of bottleneck service that blockchain technology will be best placed to disrupt and replace.

Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!

Today, Bank of America Merrill ... (read more)

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

Return to “news”