Blockchain Trade Finance Network Marco Polo and TradeIX Adds Three New Key Members To Group
Marco Polo is the largest and fastest growing trade finance network in the world, powered by distributed ledger technology (DLT) and focusing on bringing significant efficiencies in financing trade.
A huge day for Marco Polo as today we officially announce @BayernLB, @Helaba, & S-Servicepartner have joined the network for piloting and evaluation. Marco Polo remains the fastest growing #blockchain #consortium. https://t.co/SezVxGhPQe
— Marco Polo Network (@network_polo) April 25, 2019
Their mission is to provide and grow the first distributed trade finance network, allowing banks to offer access to open account, traditional and structured trade finance solutions to their corporate clients in a more efficient, transparent and connected way.
Daniel Cotti, Managing Director, Centre of Excellence for Banking and Trade for the Marco Polo Network, said:
“Today, we have the resources and technology to transform the way banks serve their trade finance customers and enable easier access to credit while minimizing risk and increasing transparency. We’re delighted to welcome BayernLB, Helaba, and S-Servicepartner as valuable partners on this journey to fundamentally evolve how corporate clients access working capital finance.”
The Marco Polo network saw its first real-world transactions going live last month. The network was founded by R3 and trade finance specialist TradeIX. The transactions took place between two German companies.
One transaction involved the delivery of special hydraulic couplings from Germany to China and the other the delivery of pumps within Germany.
Yesterday, BitcoinExchangeGuide had reported on Japan’s SMBC bank for trade and finance joining the Marco Polo blockchain network. The Japanese bank has chosen to improve trade finance with the use of R3’s Marco Polo blockchain network. SMBC is presently the third-largest bank in Japan, based on assets.