Marco Polo + blockchain = ...

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Issue 5: August 2018

We’ve just moved a step closer to using blockchain technology.

In issue two, we talked about blockchain, a type of distributed ledger technology, sharing what it is and how we could use it. Until recently, we’ve been investing in the technology to help research and understand how it might be used.

Through our investment in R3, a distributed ledger start-up, we’re now helping to drive the development of the technology – so much so that we’ve just moved a step closer to using the technology by joining Marco Polo.

Marco Polo is a trade finance platform that uses blockchain technology to dramatically reduce the costs, risks and time involved in businesses trading with each other. It’s co-ordinated by R3 and the financial technology firm TradeIX.

Marco Polo is a state-of-the-art trade finance platform. It helps minimise the risks many businesses face when making and receiving payments. It’s powered by R3’s Corda blockchain technology and open Application Programming Interfaces (APIs) that were purpose-built for the global trade ecosystem.

Through our membership of Marco Polo, we’ll serve our trade customers’ needs better by bringing together physical, information and financial supply chains with digital trade data to help companies get easier access to credit, minimize any risk and increase transparency through a global digital platform.

We’re the latest bank to join Marco Polo and the initiative has created the largest network of commercial banks in the trade finance market, with banks including BNP Paribas, Commerzbank, Standard Chartered Bank, Natixis and Bangkok Bank to name a few – who are on board and working together to make trade finance smarter, more transparent and better connected.

We’ll keep you posted on how it’s going – watch this space!

"We are really excited to be joining the Marco Polo network and making an important step forward that will help reduce much of the time, expense and uncertainty in conducting international trade. We want to leverage distributed ledger technology (Blockchain) for our clients and the best way to achieve this is through global collaboration with other financial institutions and leading technology providers."

Rowan Austin, Head of Trade & Working Capital Product

"The momentum around Marco Polo continues to build. We’re delighted you’ve joined the growing network of financial institutions working together with R3 and TradeIX to bring much needed transparency and efficiency to trade finance."

David E. Rutter, CEO of R3