The giant British bank, Standard Chartered (Stanchart) adopted distributed ledger technology to improve the security of trade finance invoices. This technology is claimed to reduce the risk of duplicate invoices.

To be able to apply this technology, Stanchart has completed proof of concept / PoC. The distributed ledger technology is similar to the blockchain system, which allows data to be stored by each institution and can be exchanged directly or peer to peer.

The intended benefits such as minimizing duplication of invoices issued by trading companies. For this reason, Stanchart developed a service called TradeSafe. Through these services, clients can also ensure the validity of trade transaction documents.

TradeSafe utilizes distributed ledger technology that allows banks or corporations to check invoices from a transaction. Later, the invoice that is automatically duplicated will be marked and deleted. All authorities can check the status of the invoice.

Stanchart is also involved in SWIFT Global Payment Innovation (GPI). This initiative offers four benefits, namely the use of funds on the same day; full transparency on foreign exchange costs and rates throughout the payment chain; trace payment in full (end-to-end); as well as detailed and real-time payment information.

The SWIFT is a global corporation that provides financial messaging services. Through this initiative, Shirish claims, clients can speed up the payment process and encourage the creation of transparency in cross border payment.

In addition, Stanchart partnered with Financial Technology (FinTech) from the United States (US) Ripple, to pioneer solutions for global financial solutions using distributed ledger technology. Through RippleNet services, he said, clients can make cross-border payments in real-time, transparent, and there is certainty of payment.