CGI and National Bank of Canada recently announced that their collaboration with Skuchain on a global blockchain pilot program has been successful. The program aims to improve and streamline the process used for negotiating standby guarantees and letters of credit. These are usually the complex conditional agreements that banks use for ensuring that the financial transactions are secure.
At present, companies use these agreements across the multiple industries for securing contracts. These agreements are carried out through email which leaves a lot of leeway for errors and delays in the process as they lack in transparency for beneficiaries with regards to the terms and approval status.
To fulfill the requirement of National Bank of Canada, CGI integrated the trade finance platform CGI Trade 360 with the Contract Builder of Skuchain. Contract Builder is an application that is built on the platform of Brackets, a blockchain startup working for blockchain-based smart contracts. With this integration, the National Bank of Canada will be able to provide financial services digitally to its customers who want to conduct business on the B2B blockchain solution.
With the help of this global blockchain platform, customers can now initiate, conduct, and conclude their negotiations related to standby letters of credit and guarantees solely on smart contracts, Cision reported. It is possible to construct the agreements intelligently and communicate any changes in the terms or otherwise with the relevant parties without worrying a bit about the security using this platform.
According to Vice President Patric Roy, “This pilot project is a great opportunity to leverage blockchain technology to simplify the process for negotiating standby letters of credit and guarantees while making it more transparent and secure. This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitate managing their business.”
Apart from the global blockchain project, the CGI has also partnered with the Royal Bank of Canada, Bank of Montreal, and Mitsubishi UF J Financial Group Inc. to form the first-ever proof of concept (POC), Cision reported. The project has now successfully completed a year and enables the banks to engage in trade finance for the integration of powerful blockchain technology-based capabilities.
The post CGI Partners With National Bank Of Canada And Skuchain To Pilot Global Blockchain Platform For Negotiation appeared first on OWLT Market.
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