Bangkok Bank joins with R3 consortium to develop new generation L/C service using Blockchain technology

          Bangkok Bank collaborates 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 transaction process.
          Bangkok Bank Executive Vice President Ian Guy Gillard said that Bangkok Bank is the only Thai bank to join 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 revolutionize the whole international trade process and be a great 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 at the end of 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 and up until an exporter receives 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 emphasizes the bank's policy in introducing technology and innovation to continually develop its services.
          "We are confident about our partnership with the R3 Consortium, as the developer has in-depth knowledge and understanding of international trade finance in terms of business and technology. R3's CORDA DLT platform is designed to provide high data security and transactions will only be accessed by specified parties and this is different from other DLT services. Bangkok Bank believes that the developed L/C services will be able to meet the needs of its customers," Mr. Gillard concluded.
          Bangkok Bank Executive Vice President, Shared Operation Manager Pornnit Dunnvatanachit said the development of the L/C services using CORDA technology is an important step for the Bank in supporting international trade transactions. Customers can quickly and easily perform L/C transactions in real time. Business partners or organizations involved in the same trade transaction can see data simultaneously, providing transparency, verifiability and high security, enabling customers to manage their transactions more effectively. The collaboration between Bangkok Bank and global leading trade finance banks providing real-time transactions under CORDA technology will facilitate our customers' trade with business partners around the globe. It is also expected that this service will be well received by export and import customers. The development of new generation L/C will reinforce our commitment to continue our service development as a trusted partner and international trade expert ready to help our customers succeed in the global trade arena.