Tata Power, one of India’s leading integrated power companies, 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.

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

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

Sanjeev Churiwala, Chief Finance Officer, Tata Power  said, “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. The association is in line with the government's vision of transforming the country's financial ecosystem into a digital one, and is also consistent with our organization's ambition of being sustainability driven and future-ready.”