Lloyds Bank and Komgo Blockchain Platform to Automate Its Commercial Banking
Lloyds is collaborating with Komgo, a blockchain platform, to streamline trade finance. As reported by FStech on September 25, Lloyds bank, which is among the top clearing banks in the United Kingdom is looking forward to digitizing and streamlining trade finance through Komgo platform. This would allow businesses to exchange data and associated docs quickly and automatically.
Komgo will help accelerate the time consuming task of finalizing the trade finance transactions. This would reduce fraud risks, shorten cash flow cycles, and allow real-time monitoring of progress. Komgo solutions are accessible to commodity businesses and in other sectors as well. Lloyd bank would be the first in the UK to use these solutions for the benefit of its clients
Komgo uses blockchain technology to fight fraud, upgrade financing processes, and improve trade efficiencies. Komgo platform has a backup of 15 bank and commodity businesses including Amro, ABM, oil giant Shell, and ING.
According to Gwynne Master – Lloyds managing director, the International trade process is time-consuming and cumbersome. It would take more than 100 days involving many workers, a lot of paperwork, and risk. He also stated that they are collaborating with Komgo to accelerate the process for it's commodity customers. This will be through digitizing and streamlining the international trade process.
Crypto Captures the Attention of Big Banks
On other news, a report by Cointelegraph stated that big banks are now embracing crypto. According to Peter Wuffli – the former chief executive officer at Swiss multinational Investment bank (UBS), big banks such as Credit Suisse and UBS are showing interest in crypto-assets and related industry development.
This was clearly displayed after licenses were issued. Company CEOs are requesting their management to find out more about crypto assets and determine if this is something solid or a ‘come and go’ fintech.