Bank of America joined Marco Polo, a consortium that strives to increase the efficiency of international trade using blockchain technology.
Marco Polo, founded by the new R3 and TradeIX, is based on the R3 Corda blockchain platform. The network aims to provide real-time connectivity to increase business relationship visibility and lower barriers to capital approaches.
According to an announcement shipped Thursday to us, the bank, as a long trade and supply chain financial solutions provider, has become a Marco Polo member to provide better service to its customers.
Geoff Brady, Bank of America Global Transaction Services Global Trade and Supply Chain Finance Officer, said:
“The Marco Polo Network registration supports the strategic goal of migrating a technology solution that solves a customer ’s needs to a replacement solution. We are looking for ways to create transparency and traditionally paper-based opaque processes more easily and efficiently by providing transparency. “
R3 CEO David E. Rutter said Bank of America and more US banks now want to join Marco Polo.
“As the network continues to grow, the number of use cases where blockchain technology is being used to change the financial market is increasing. Trade finance is the largest from blockchain commitments and resulting efficiency gains. One of the areas where you can benefit from. “
Earlier this month, MasterCard joined the consortium and revealed that MasterCard Track, a B2B global trading unit, provides an access point to Marco Polo’s working capital financial platform.
Marco Polo announced that it has taken another step to launch a live product in August. A group of more than 25 members pointed out that a successful pilot at the time was able to encourage suppliers to pay in real time as the third party in the trade headed for the goods destination. This milestone began after the network’s first real-time trading in March.
Trade finance projects built with blockchain technology are increasing rapidly thanks to dangling carrots that have improved efficiency and consequently reduced costs. There are already about 30 consortiums in the space, including Voltron (also built in Corda), Ethernetium-based CargoX and Hyperledger Fabric, centered on Asia-based eTrade Connect.
Last year, Bank of America, the 13th largest company in the world with a market capitalization of $ 133.5 billion, is the 6th largest company in the United States.