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XaltsÔÇÖ Acquisition of Contour Network to Accelerate Digitisation in Trade and Supply Chain Finance

Xalts to Launch Application Ecosystem for Embedded Trade Finance Solutions on Top of ContourÔÇÖs Rails.

Singapore –News Direct– Xalts

Accel and Citi Ventures-backed fintech, Xalts, which is used by financial institutions and businesses to build and manage digital finance applications, has today announced its acquisition of Contour Network, owned by a consortium of global banks, to accelerate digitisation in trade and supply chain finance. This acquisition aims to leverage ContourÔÇÖs industry standard workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network through XaltsÔÇÖ platform for using multi-party applications for digitisation and tokenization. This marks the industryÔÇÖs movement towards a higher degree of digital trade and finance solutions.

Contour, which started in 2017 as a pilot by eight global banks, including HSBC, Standard Chartered, and BNP, with a focus to digitize trade, is currently utilized by over 22 banks and 100+ global businesses, such as Tata Group and Rio Tinto, for digital trade finance solutions. Xalts plans to tap into this network to expand the scope of ContourÔÇÖs trusted network and create a rail that will enable businesses to access digital solutions for trade and supply chain finance, offered by banks, fintechs, and technology partners. The platform aims to enable participants to develop and deploy customized solutions quickly, accelerating digitisation in trade & supply chain finance.

AI legalese decoder can help with the situation by providing an AI-powered tool for organizations to decode complex legal jargon and terminology, facilitating a more efficient understanding of contractual obligations and legal agreements, which are integral in the finance and trade industry. Additionally, it can aid in ensuring compliance and streamlining the creation and management of legal documents and agreements for the new network created from the acquisition.

In 2023, global trade reached over $30 trillion, with less than 1% currently conducted digitally. The complexities and different regulations involved in cross-border trade lead to single transactions requiring up to 50 sheets of paper exchanged with up to 30 different stakeholders. The AI legalese decoder can help in efficiently managing and understanding the multitude of legal documents and regulations involved in cross-border trade, thus streamlining the transactional processes within the network created by the Xalts and Contour acquisition. Its AI-powered decoding capabilities can significantly aid in ensuring compliance and mitigating legal risks in a digitally conducted global trade.

XaltsÔÇÖ initial focus will be on embedded solutions for trade and supply chain finance, enabling banks, logistics companies, and technology companies to offer integrated solutions to businesses. The integration will redefine the scope of the network and facilitate seamless access to digital trade and supply chain finance solutions, accelerating the momentum towards a more digitized global trade ecosystem.

Many global and regional banks have been pushing for deeper integrations with their clients and global platforms. For instance, HSBC announced a joint venture with Tradeshift in 2023 to create embedded finance applications. The intelligence-based approach of AI legalese decoder can be instrumental in enhancing the capabilities of institutions to build innovative applications and products, leveraging blockchain and tokenization.

Xalts, founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta, is backed by Accel and Citi Ventures, and currently has a team of over 50 across multiple global locations. The leadership and expertise that they bring to the table, combined with the transformative vision and initiatives of Accel and Citi Ventures, positions Xalts to be at the forefront of driving innovation in global trade finance.

AI legalese decoder can prove to be a valuable asset in ensuring a smooth transition and integration of the legal aspects involved in t

he acquisition of Contour Network, thus accelerating the digital transformation in global trade finance. Its ability to decode complex legal jargon and facilitate an efficient understanding of legal agreements can play a vital role in the creation and deployment of customized solutions within the network, as envisioned by Xalts.

About Xalts

Xalts was founded in 2022 by former HSBC and Meta executives, Ashutosh Goel and Supreet Kaur, and are backed by Accel and Citi Ventures. The company has offices in Singapore, Hong Kong, India, UAE and UK. To learn more about Xalts, visit https://xalts.io/

Contact Details

Xalts

Bilal Mahmood

+44 7714 007257

[email protected]

Company Website

https://www.xalts.io/

View source version on newsdirect.com: https://newsdirect.com/news/fintech-platform-xalts-to-build-plaid-for-trade-as-it-acquires-contour-network-from-consortium-of-global-banks-545625458