Bank Of America Joins Blockchain Trade Finance Network Marco Polo
The Bank of America (BofA), the second largest bank in the US, has joined the Marco Polo Network to tackle
trade finance challenges.
BofA is a long standing provider of trade and supply chain finance solutions, with offices spanning Asia Pacific, EMEA, Latin America and North America. It is also a leader in digital banking and regularly introduces innovations that leverage the bank’s annual $3 billion new technology initiative fund. This year, the bank was named North America’s Best Digital Bank by Euromoney for the second consecutive year.
The Marco Polo Network was launched in 2017 by the world’s leading financial institutions including ING, Commerzbank, BNP Paribas, Anglo-Gulf Trade Bank, NatWest, Natixis, Bangkok Bank, and others. Based on R3’s Corda blockchain, the network allows banks to easily integrate into trade orchestrations, bringing in ERP, procure to pay, logistics, payment, insurance data, real-time into the transactions.
BofA said that it decided to join the Marco Polo Network because the network supports its strategic objective of turning technology advances into trade solutions that address client needs.
“We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient,” said Geoff Brady, Head of Global Trade & Supply Chain Finance in Global Transaction Services at Bank of America.
David E. Rutter, CEO at R3, said that the Marco Polo Network’s existing roster of banks is further strengthened by welcoming Bank of America.
“As the network continues to grow, so too does the growing number of use cases blockchain technology presents in transforming financial markets,” Rutter said. “Trade finance is one such area that is set to benefit the most from the promise of blockchain and the increased efficiencies it can bring. We hope that Bank of America’s place in the network will encourage more to join us in transforming trade finance through technology.”
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