Tagged: letters of credit

September 4, 2019 @ 8:30 am By JD Alois  |  

HSBC has processed a Yuan-denominated letter of credit using the Voltron platform. According to a report in Reuters, this is the first transaction of its type to use Yuan and the first to utilize the Voltron platform. Voltron explains their application as follows: “[Voltron] will… Read More

August 12, 2019 @ 10:15 am By Samantha Hurst  |  

Russian banking group Sberbank announced last week it has implemented a feature on remote banking services on letters-of-credit in Sberbank Business Online’s system. The bank revealed: “Clients can create applications on letters of credit online and independently send them to the bank to be processed…. Read More

August 7, 2019 @ 8:37 am By Samantha Hurst  |  

Standard Chartered Bank announced on Wednesday it has successfully executed a pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited. Standard Chartered reported that due to the significant cargo value, oil companies are often reliant on Letters of Credit… Read More

February 11, 2019 @ 7:19 am By JD Alois  |  

LC Lite says it is using blockchain technology to simplify and speed up transactions requiring letters of credit. The platform is being launched by the founders of invoice financing platform Incomlend. According to a release, Incomlend currently processes funding volumes worth approximately $240 million annually… Read More

October 23, 2018 @ 11:06 am By Cali Haan  |  

The National Bank of Canada, the country’s seventh largest bank, is piloting a program to offer the creation and negotiation of standby letters of credit on a blockchain / distributed ledger system. The pilot uses a distributed ledger (DLT) system created by the company Skuchain and… Read More