The Marco Polo Network and Standard Bank Group announced today that Standard Bank has joined the Marco Polo Network, a large and fast growing trade finance network focused on bringing unprecedented efficiencies to trade financing, says a press report.
Powered by the distributed platform from TradeIX and R3’s Corda blockchain technology, the Marco Polo Network reportedly provides a fast and secure access working capital and efficient solution to provide trade finance and brings to the market an integrated solution to overcome critical trade finance challenges including lack of connectivity, time-consuming processes and high onboarding costs.
The report states; “Standard Bank will participate in the development of this major trade finance undertaking alongside leading financial institutions such as 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, Bayern LB, Helaba, S-Servicepartner, RBI, and Bradesco,”
“Standard Bank is constantly looking for ways to provide best-in-class trade finance products to our customers to help them grow their business and achieve their potential,” said Kevin Holmes, Head, Trade, Product Management at Standard Bank. “Joining the Marco Polo Network and leveraging the best technology and practices in the sector, allows us to actively participate in building the future of trade financing.”
The Marco Polo Network leverages Application Program Interface (APIs) and offers Corporates Enterprise Resource Planning (ERP) embedded working capital and trade finance applications to significantly streamline communication with their bank relationships and integration with existing internal systems. R3’s distributed ledger technology enables all parties to share information across the network securely and in real time.