A Japanese fintech company has launched a new trade payment platform built on the XRP Ledger (XRPL), aiming to streamline international trade settlements and reduce delays in traditional letter of credit transactions.
Tokyo-based Vlightup Inc., led by CEO Yoshio Minamoto, announced the launch of its next-generation global trade finance platform on March 4. The system uses blockchain technology to automate settlement processes between importers, exporters, and banks.
“We have officially launched a next-generation trade finance global payment platform based on the XRP Ledger,” he said.
The platform is designed to address longstanding inefficiencies in trade finance, a sector that still relies heavily on manual processes and paper documentation.
Using XRPL for Faster Settlement
The new platform uses the XRP Ledger’s escrow functionality to enable automated, multi-party settlement in letter of credit (LC) transactions. Participants in the process, including the importer, issuing bank, exporter, and purchasing bank, can approve transactions through a distributed signature system.
Read more: coinedition.com
Source: CRYPTO WORLD NETWORK NEWS
