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By setting up a bill pool to collectively manage bank acceptance bills, treasury manpower can be significantly saved. But the solution has its limitations too.
Blockchain's first trade financing between two banks saved its customer days on paper processing, as an LC was transferred between the Commonwealth Bank of Australia and Wells Fargo.
Long the tool of choice in trade finance, fewer companies are using a letter of credit for its traditional purpose – but don't expect LCs to disappear any time soon.
Asia accounted for $692 billion of the global trade finance deficit of $1.6 trillion in 2015, hurting growth and jobs, a study by the Asian Development Bank found.
Fintech start-up Wave successfully completes groundbreaking letter of credit deal between companies in Ireland and the Seychelles using ledger technology blockchain.
Japan goes in strong with an early message to Britain and Europe as it seeks to protect the interests of corporates heavily invested in the United Kingdom ahead of Brexit talks.