Contour, the leading digital trade finance network, announced today that Pan-African bank, Absa Corporate and Investment Bank are intent on joining the network and are in the process of finalising negotiations.
Absa CIB clients will be able to adopt a fully digital end-to-end Letter of Credit (LC) settlement process. Presenting digital LC documents can be done from an average of five to 10 days to under 24 hours. Currently, many of the continent’s trade transactions are manual and paper-based, which slows down trade growth by creating another layer of complexity and costs.
