Bank of America has joined the Marco Polo consortium. The goal of this partnership was to bring more efficiency to the bank during international trades and settlements.
The Marco Polo network was created by TradeIX and the R3 consortium. The platform has the goal of connecting several institutions in real-time to let them access capital more easily and increase their visibility in trading relationships.
Bank of America’s main reason for starting the partnership is that the institution has always strived to offer to its clients excellent financial and trade solutions and the Marco Polo network offers more services that can be important for the company to achieve these goals.
The head of global trade at the bank, Geoff Brady, stated that joining the network is important for the company to achieve its long-term objectives and to offer the solutions that the clients need the most. It makes the process more transparent and the clients can see it happening this way.
Also, this technology can be used to eliminate paper records, which are considerably expensive to keep and can make the whole trading process considerably slower.
David E. Rutter, the CEO of R3, has become a part of the Bank of America group now and affirmed that other banks should join Marco Polo as well. According to him, the blockchain technology is growing a lot and transforming how the financial market works.
Mastercard also joined this consortium recently, which shows how important Marco Polo has become. The Bank of America itself is a huge company. It is the 13th largest bank in the world and the 6th largest public company in the U. S.