FinTech Platform Xalts acquired Contour network from a consortium of global banks.
The move aims to accelerate the digitalization of trade and supply chain finance, combining Xalts’ expertise in digital finance applications with Contour’s established network connecting global banks with businesses, Xalts said in a press release published Tuesday February 20. press release.
Contour Network, which was launched in 2017 by eight global banks, has since grown to include more than 22 banks and 100 global companies using its digital trade finance solutions, according to the release.
Xalts plans to leverage Contour’s industry-standard workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network, the release said.
The founders of Xalts, Ashutosh Goel And Supreet Kauraim to create a “Plaid for Trade”, expanding the reach of the Contour network to enable businesses to access digital solutions for trade and supply chain finance offered by banks, FinTech and technology partners, according to the press release.
The goal is to provide a platform for participants to develop and deploy custom solutions quickly and efficiently, according to the release. With a focus on integrated solutions for trade and supply chain finance, Xalts plans to enable banks, logistics companies and technology companies to offer integrated solutions to businesses through a single platform.
Additionally, Xalts is committed to innovation in blockchain and tokenization, enabling institutions to create new applications and products leveraging these technologies, the release said. The company partners with leading blockchain and infrastructure providers to help clients develop tokenization applications.
Accelerate And Citi Ventures to have supported Xalts, recognizing the company’s potential for global scale and rapid execution, according to the release. Xalts continues to expand its presence across its offices in Singapore, Hong Kong, India, UAE and the UK.
In April 2023, Citi India called on Contour to carry out its first blockchain-letter of credit transaction activated. This was the bank’s first transaction using the Contour network, of which Citi is a founding member bank.
In this transaction, the presentation of the letter of credit document was completed in three hours, instead of the five to ten days that these transactions usually take.
For all PYMNTS B2B coverage, subscribe daily B2B Newsletter.
