R3 Corda-Based Marco Polo Financial Blockchain Network Welcomes Brazilian Bank Bradesco
Brazilian Bank Bradesco Joins R3’s Corda-Based Marco Polo Financial Network
Banco Bradesco, one of the largest banks in Brazil, has recently joined R3’s Marco Polo, a blockchain network powered by the Corda technology. According to the press release sent out by the bank, the bank is a leader among Brazilian banks and has the total assets of $338.2 billion USD.
In case you are not familiar with the Marco Polo network, you should know that it implements the Corda technology created by R3 on the TradeIX platform. This way, the platform lets the user spend less money and time while making transactions.
Because of the blockchain technology, it can be considered a considerably more transparent and efficient platform than the ones used by traditional banking solutions. This has caused several important companies such as BNP Paribas, Standard Chartered Bank, NatWest, Sumitomo Mitsui Banking Corporation (SMBC) and ING to become members of the platform.
This has caused the platform to become one of the preferred ones between banks. It offers APIs and ERP-embedded apps that are designed aiming at the innovation of the financial capital in the world.
The managing director of the sector of banking and trades of Marco Polo, Daniel Cotti has recently affirmed that the main reason for the creation of this powerful platform was that the processes that we use for payments today simply lack connectivity.
According to Cotti, this will be the first time that Marco Polo will be used in Latin America, so it marks a huge landmark for the sector.
The platform is getting bigger recently and in March 2019 the first of its transactions was successfully conducted between two German companies and the local bank Commerzbank. Recently, Raiffeisen Bank International (RBI) has also recently joined the Marco Polo network.