Singapore headquartered Contour, an organisation building a global standard for open trade, has partnered with information technology (IT) giant Mphasis to accelerate the adoption of its blockchain-based trade network around the world.
As part of the collaboration, the Bengaluru-headquartered company said it will use its Front2Back transformation approach and portfolio of next-generation IT and operations capabilities to expedite the usage and implementation of the Contour network across banks, corporates, and other ecosystem partners.
Using Mphasis’ services, Contour hopes to revolutionize global trade and bring trust, transparency, and collaboration to the complex, centuries-old industry. The organisation has also been backed by strategic investors like HSBC, BNPP, Bangkok Bank, and Standard Chartered, according to a statement.
Front2Back leverages cloud and cognitive services to deliver a hyper-personalized digital experience to its clients and their end customers. This will ultimately enable banks, enterprises to utilize new ways to transact with one another and capitalize on the vision of digital and connected global trade.
“With over two decades of experience at the forefront of banking, payments, and technology, Mphasis is in a unique position to help Contour’s banking and enterprise network members – many of which are our clients as well - embrace the power of the network to catalyze and accelerate their own digital transformation,” Srikumar Ramanathan, SVP & Global head – Industry Solutions Group, Mphasis, said in the statement.
“We are constantly looking to expand our network with technology that enhances trade processes and overcomes longstanding obstacles that the traditionally paper-based industry has been subject to. With Mphasis’s global footprint and expertise in financial services, our work together will ensure that organizations can reap the benefit of improved trade,” Carl Wegner, Contour CEO, said.
Earlier this month, Contour announced that it is entering live production. Its digital trade finance platform, the organisation said, is open to all geographies and industries and unites buyers, suppliers and banks.
Back in August, Mphasis had partnered with UK-based iMeta to develop an artificial intelligence-based KYC solution for financial institutions in the UK and Europe regions.