On Monday, Tata Power said it has partnered with Singapore-based Contour, a leading digital trade finance network, to make its financial management processes more robust, transparent and efficient.

According to a statement, Contour’s network uses decentralised technology (blockchain) to bring companies, banks and ecosystem partners together on a trusted network to help create streamlined digital trade finance workflows.

This integration enables trusted data to flow across the world’s trade routes and currently fragmented ecosystems.

Manual and paper-based processes in finance slow down trade growth by adding complexity and cost.

Sanjeev Churiwala, CFO of Tata Power, said in the statement: “The collaboration between Tata Power and Contour will pave the way for a seamless trade finance process that can achieve significant efficiencies through a powerful blockchain-based solution.”

Tata Power is implementing an end-to-end digital letter of credit (LC) settlement process by joining Contour’s network.

The company will benefit from using a digital LC as it can file documents in less than 24 hours, compared to the 510 days typically required by the traditional process.

“By joining our network of more than 130 businesses, Tata Power will be able to unlock more value and improve trade efficiency through our digital solutions,” said Carl Wegner, CEO of Contour.