Letters of credit: down but not out
Sep 26, 2016
First inter-bank blockchain saves Brighann LC torment
Blockchain's first trade financing between two banks saved its customer days on paper processing, as an LC was transferred between the Commonwealth Bank of Australia and Wells Fargo.
The first inter-bank letter of credit on blockchain was sent between Wells Fargo and the Commonwealth Bank of Australia (CBA), and helped save cotton company Brighann Cotton days on the paper-intensive trade finance process.
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