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