News Blockchain-based Trade Finance Platform Marco Polo Is Testing Its...

Blockchain-based Trade Finance Platform Marco Polo Is Testing Its First Trade Deal Between Russia and Germany

-

- Advertisment -

Marco Polo, a trade finance blockchain that has partnered over 20 banks, is testing its first trade deal between Germany and Russia. The company’s pilot was announced on October 11. 

Russian’s Alfa-Bank and Novolipetsk Steel Company (NLMK) will take part in the pilot. Germany’s Commerzbank and metals engineering company Vesuvius GmbH are also participating in Marco Polo’s distributed ledger technology (DLT)-based trade finance transaction.

Marco Polo, a joint initiative between DLT-enabled trade finance platform TradeIX and DLT developer (Corda) R3, aims to streamline business processes. The company’s developers are implementing a globally accessible blockchain-based trade finance platform that will replace traditional paper-based documentation with faster and more efficient digital verification. 

Marco Polo is reportedly working with the following banks: Bank of America, BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.

Dina Merkulova, head of trade finance at Alfa-Bank, stated:

“We launched our first distributed ledger technology in trade finance as early as 2017. Since then, corporate blockchain solutions have been considerably elaborated, and earned our clients’ confidence and proved their applicability to real business processes.”

Marco Polo’s 22-bank DLT consortium previously added the capability for third-parties in a trade to send payments to suppliers at the time when products are being shipped.

Enno-Burghard Weitzel, Commerzbank’s global head of trade finance products, noted: 

“Our international corporates show continuous interest in piloting the Marco Polo Payment Commitment together with us and banks of our global network, like Alfa-Bank. Marco Polo network, meets our customers’ growing demand for increased speed of transaction and transparency, optimized financing, enhanced working capital management and possible integration of ERP systems.”

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...
- Advertisement -

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Must read

- Advertisement -

Read Next
Recommended to you