Lloyds Bank announced on Wednesday it has formed a partnership with blockchain-based platform Komgo. Through the partnership, Lloyds Bank is seeking to enable quicker international commodity trade finance using distributed ledger technology (DLT).
According to Lloyds Bank, Komgo digitizes and streamlines international trade and commodity finance, as well as enable businesses to automatically exchange data and associate documents across various solutions in a digital and decentralized way.
“As well as accelerating the time taken to complete trade finance transactions and therefore shortening cashflow cycles, the service can also reduce the risk of fraud and lets all parties monitor the progress of a transaction in real time. This boosts visibility and provides greater certainty for all involved which helps with planning ahead.”
Speaking about the partnership, Gwynne Master, Managing Director and Global Head of Trade for Lloyds Bank Commercial Banking, stated:
“Our partnership with komgo helps us tackle these challenges. We’re working together to shorten the time it takes our corporate clients to trade internationally by significantly streamlining and digitising the process. We like komgo’s client-centric approach – where the focus is on addressing top corporates’ pain points – this fits well with our way of working. We’re entering a new era of simpler and more inclusive access to blockchain technology that has the potential to support strong, collaborative business relationships. Partnerships like this, and the technology that underpins them, will help mitigate the pain points our clients face and support British businesses to prosper internationally.”
Souleïma Baddi, CEO at komgo, then added:
“We are thrilled to welcome Lloyds Bank on komgo’s network, and very excited to support their clients to get the best out of it in the following months”