CGI (NYSE: GIB) (TSX: GIB.A) recently announced the successful collaboration with National Bank of Canada and Skuchain on a program that will improve and streamline the process for negotiating standby letters of credit and guarantees.
These agreements are widely used across many industries to secure contracts. They are currently being conducted via email.
For the National Bank of Canada, CGI integrated the CGI Trade360 trade platform with Skuchain’s Contract Builder, an application built on the startup’s Brackets platform for smart contacts on a blockchain.
The integration allows National Bank of Canada to provide trade finance services digitally to its customers performing blockchain B2B solution.
National Bank of Canada’s end-to-end, blockchain-enabled process will improve processing times, reduce risks and help strengthen the bank’s customer relationships.
“This pilot project is a great opportunity to leverage blockchain technology to simplify the process for negotiating standby letters of credit and guarantees while making it more transparent and secure. This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitates managing their business,” said Patrice Roy, Vice President, Payments, Cash Management and International Solutions at National Bank of Canada.