Capgemini banks on Amazon Managed Blockchain to simplify the Letter of Credit Process

Publish date:

Trust being one of the fundamental aspects of business, the letter of credit (LC) plays an integral part in global trade. A LC acts as a guarantee between a bank, customer, and beneficiary, ensuring risk-free payment for goods and services.

The LC cycle begins with the bank issuing the process on behalf of its applicant and authorizing the beneficiary’s bank to complete the money transfer. Often however, we see that the traditional LC cycle faces a number of bottlenecks including overdue payments, data breaches, fraudulent activities, and limited visibility.

To address these issues in the LC cycle, Capgemini has come with a solution based on Amazon Managed Blockchain, which is built on an open-source Hyperledger Fabric framework, which ensures accountability, transparency, and trust in financial transactions with the help of blockchains. This solution is a first step towards ensuring an efficient and smooth LC cycle, with an increased processing speed, enhanced data protection and security, and real-time visibility.

Blockchain is disrupting the business across various domains, leading to the need for major transformation across industries. As an AWS Premier Tier Services Partner and Managed Cloud Services Provider (MSP), Capgemini deploys AWS solution, as it offers scalability and performance optimization at an optimal cost range, thus ensuring operational efficiency. We are currently working towards discovering even more transformative use cases on AWS managed blockchain solution in some of the other applicable domains where blockchain is being widely used, such as supply chain management, retail and trading, and asset transfer etc.

In this blog post, we demonstrate how Capgemini’s solution can be utilized and adjusted to successfully manage the LC lifecycle; which is but one of the many areas that we can cater to.

To know more on this topic, read the blog co-authored by Capgemini & AWS experts – to find out how Capgemini’s solution can be utilized and adjusted to successfully manage the LC lifecycle.



Contact us here

Shailendra Bhatt
Managing Delivery Architect at Capgemini Sweden (Digital and Cloud Solutions)

Shailendra is a skilled Cloud Solutions Architect with over 18 years of experience in building modern digital platforms for several major clients across USA and Europe. He has led and been part of several large end to end digital solutions for different clients and demonstrated expertise in architecting, implementing and supporting enterprise grade technical solutions. His primary focus is on Cloud Transformation and Modernization, Automation, Software Architecture, Digital Commerce and Omni Channel Solutions.

Related Posts

An automotive company used AI to forecast logistics lead time

Date icon September 30, 2022

The onset of the global pandemic has disrupted every form of business. Artificial...

With tougher times looming — know your options with cloud provider funding

Date icon September 30, 2022

One of the main reasons for business enterprises to adopt cloud modernization is to reduce...