Fintech company Xalts has introduced several new features to blockchain-based trade finance network Contour, marking the first major upgrade since its acquisition. 

A note circulated to Contour members and seen by GTR reveals that from June 30, functionality is being introduced allowing corporates to issue letter of credit (LC) applications to multiple banks, even if sellers or notifying banks are not participants in the network. 

Xalts, which acquired Contour in February after it ran into funding difficulties, says the upgrade means the network is “future-proofed to move to full digital transactions” as more members join. 

Corporates are also able to specify mixed payment instructions, with the note giving the example of 10% advance payment, 30% at sight and the remaining 60% payable 90 days after the due date. 

And members can use up to 10 LCs issued over the previous 60 days as templates, speeding the creation of new financing requests.The note adds that based on feedback from members collected since February, Xalts has already started work on a further set of upgrades, which could be launched as soon as Q4. 

Projects underway include Contour APIs, which will simplify the platform’s integration with corporates’ and banks’ internal systems, and a self-onboarding process for buyers and sellers wishing to “start their documentary credit digitisation journey”. 

Further improvements would allow users to create and amend LCs in near-real time, add comments against fields in LC applications, and compare LCs with Swift messaging standards. 

Chief operating officer Supreet Kaur says Xalts is grateful to Contour’s users “for the valuable feedback that guided us in sharpening our product roadmap”.  

“Our vision at Xalts remains helping companies simplify connectivity to financial institutions to streamline treasury and trade finance using APIs and blockchain-based solutions,” she tells GTR. 

Since acquiring Contour, Xalts has set out its ambitions to significantly expand the network’s scope and build the platform into a “rail” for digital trade and supply chain finance solutions.