FRIDAY, March 29, 2024
nationthailand

Bangkok Bank join in blockchaIn study 

Bangkok Bank join in blockchaIn study 

Bangkok Bank is collaboratIng with leading global trade finance banks to develop Letter of Credit (L/C) service using Blockchain technology to increase efficiency at every step of the process.

Bangkok Bank Executive Vice President Ian Guy Gillard said that BBL is the only Thai bank to have joined the Voltron project with the R3 consortium to develop a Letter of Credit or L/C servIce. 
This important financial service in the international trade system, using Distributed Ledger (DLT) or “Blockchain” technology, will revolutionise the whole international trade process and be a step forward for banks and international trade customers. 
Bangkok Bank together with R3 and its partners co-launched the Voltron project at the SIBOS event in Australia In October. 
The L/C service using the R3 CORDA DLT product will increase efficiency and reduce processing times for every step in the transaction starting from the request by an importer to issue an L/C to an exporter receivIng payments. Business customers will be able to reduce working processes in their companies and arrange transactions with trade partners and banks more easily.
In addition to the Voltron project, the bank is also working with the R3 consortium to develop its international trade service using CORDA in Marco Polo, which is a development of the Open Account Trade Finance service. 
This emphasises the bank’s policy in introducing technology and innovation to continually develop its services.

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