Fintech Platform Xalts to Build "Plaid for Trade" as It Acquires Contour Network from a Consortium of Global Banks
Contour Network connects global banks to global businesses. Xalts will launch an application ecosystem for embedded trade finance solutions on top of Contour's rails.
- Contour started in 2017 as a pilot by eight global banks with a focus to digitize trade.
- Currently, over 22 banks and 100+ global businesses use Contour for digital trade finance solutions.
- These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses, using a single platform.
- Many global and regional banks have been making a push for deeper integrations with their clients and global platforms.