Bank of America Joins R3’s Marco Polo Blockchain Global Trade Network
United States-based multinational investment bank Bank of America joins R3’s Corda-powered Marco Polo network “to tackle trade finance challenges.”
“Tackle trade finance challenges”
On Sept. 19, Marco Polo announced that the Bank of America was joining its network to improve international trade inefficiencies and deliver a better service for its customers. Geoff Brady, head of global trade at Bank of America said:
“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”
Daniel Cotti, managing director for the Marco Polo Network added that Marco Polo is looking forward to working with Bank of America to address critical market challenges.
Following in the footsteps of Mastercard
Cointelegraph reported in the beginning of September that American financial services giant Mastercard joined blockchain software company Marco Polo Network for trade finance.
Mastercard revealed its participation in the project, a collaboration between R3 and Irish tech company TradeIX that launched in 2017. The initiative provides a multi-asset class platform that offers broker-dealer services and multicurrency transactions.
Cointelegraph also wrote that Marco Polo onboarded three new members for piloting and evaluation purposes, namely financial services firm BayernLB, Frankfurt-based bank Helaba and back office service provider S-Servicepartner.
Published at Thu, 19 Sep 2019 22:50:00 +0000
