Bangkok Bank Unites with the Marco Polo Utilizing the Blockchain Software startup R3

5536 Total Views

R3 and Bangkok Bank have Merged to Trade in Finance Utilizing the Blockchain Initiative

Bangkok Bank has collaborated with the Marco Polo trade finance initiative formed by blockchain software startup R3 and trade finance technology firm TradeIX.

The Marco Polo platform aims to make trade finance more honest and more risk-free using blockchain technology rather than using a manual, paper-based process, and already boasts higher financial institutions including Commerzbank, BNP,  and ING as participants. The project was begun in September 2017 and moved to the pilot stage earlier this year.

After joining the project, Bangkok Bank desires to utilize distributed ledger technologies (DLT) to “approach the complexities and incompetencies of trade finance,” the bank’s executive VP, Ian Guy Gillard, stated in a press release.

The clarification provides end-to-end, real-time connectivity between the members of a trade deal and helps in eradicating incapabilities and inconsistencies in the data flow. Remitted over TradeIX’s TIX open platform and built with R3’s DLT product Corda, Marco Polo presently addresses three areas of trade finance: risk mitigation, payables finance and receivables finance.

Another executive from Bangkok Bank, Pornnit Dunnvatanachit,  said:

“Our customers are increasingly deploying sophisticated technologies in their operations, and Marco Polo provides an innovative way to respond to their needs.”

Suzat Fernandes

Suzat Fernandes is an entrepreneur, with a variable experience in customer relationship management, inbound marketing, Learning Management Systems (LMS), eLearning content development and overall training strategies. She is an experienced and creative content writer and she takes content marketing initiatives to the next level. She is writing cryptocurrency and blockchain news, weekly blog posts, whitepapers, eBooks, datasheets, presentations, and more. She possesses experience in using compelling copy to educate the market on product offerings and industry information.