Austrian Bank Raiffeisen Announces R3 Corda Marco Polo For Trade Finance Partnership
The Austrian Raiffeisen Bank International (RBI) has recently announced that it will be working with R3’s Marco Polo blockchain network. They will be using this blockchain platform for trade finance. The information was released by the company in a press release shared with Cointelegraph on May 8.
Raiffeisen Bank International Works With R3’s Blockchain Tech
Marco Polo is a blockchain network powered by the R3 Corda solution and that is currently being used by different financial institutions such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation, among others.
RBI is currently trying to expand in Central and Eastern Europe and this is part of the plans for this expansion. The firm has also registered a consolidated profit of 1.27 billion euros, a 14% increase compared to the last year.
Marco Polo not only works with Corda but it also uses a platform called TradeIX. The intention is to reduce costs and improve time efficiency and transparency for commercial banks. These institutions are generally affected by a lack of efficient processes and systems.
The managing director at the RBI Center of Excellence, Banking & Trade, Daniel Cotti, explained that the bank is currently looking to expand the coverage that it has in the continent. They also want to expand the Marco Polo network as the main trade finance network in Europe.
The CEO of R3, David Rutter, explained that the current infrastructure related to trade finance is outdated and these new solutions provide modernization and improvements. With this platform, there will be APIs and ERP-embedded application to innovate working capital offerings.
In addition to it, over 50 different banks and companies have participated in different tests related to a new Corda-based trade finance application called Voltron.