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

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Contour's network uses decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to help create a streamlined digital trade finance workflow, a statement said.

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The integration enables trusted data flow across the world's trade routes and current fragmented ecosystems it explained.

Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs.

"Tata Power's collaboration with Contour will pave the way for a seamless trade finance process ? one that can be made significantly efficient with the robust blockchain-based solution," Sanjeev Churiwala, Chief Finance Officer, Tata Power said in the statement.

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By joining Contour's network, Tata Power is implementing an end-to-end digital Letter of Credit (LC) settlement process.

The company will gain from using a digital LC, since it will enable it to present documents in less than 24 hours, as opposed to the usual 5?10 days of a traditional process.

"By joining our network of 130+ corporates, Tata Power will be able to unlock more value and drive greater efficiency in trade through our digital solution," Carl Wegner, CEO at Contour said.

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