Bangkok Bank joins R3 Marco Polo trade finance initiative
TradeIX and R3 have developed an open account trade financing solution for Marco Polo powered by TradeIX’s TIX platform and R3’s Corda blockchain technology.
TradeIX and R3 have developed an open account trade financing solution for Marco Polo powered by TradeIX’s TIX platform and R3’s Corda blockchain technology.
Bangkok Bank, one of the largest regional banks in South East Asia, has joined the Marco Polo trade finance initiative run by enterprise software firm R3 and trade finance technology specialist TradeIX.
Launched in 2017, Marco Polo is focusing on a trade finance platform built on an interoperable business network powered by open application programming interfaces (APIs) and blockchain technology.
TradeIX and R3 have developed an open account trade financing solution for Marco Polo powered by TradeIX’s TIX platform and R3’s Corda blockchain technology.
Marco Polo enables end-to-end, real-time, seamless connectivity between trade participants, eliminating the data silos which prevent free flow of trade data and assets causing inefficiencies and discrepancies.
Initially the solution is focused on three distinct areas of trade finance: risk mitigation by provision of payment commitments based on the matching of trade data, payables finance, and receivables finance.
It will be delivered via TradeIX’s TIX platform, an open platform providing applications, technology tools and core infrastructure for the trade finance ecosystem, and Corda, the world’s only blockchain platform designed from the ground up for businesses operating in complex and highly-regulated markets.
Ian Guy Gillard, Bangkok Bank executive vice president, said: “Bangkok Bank is committed to using innovative technologies to meet the needs of our customers.
“We are delighted to be working with R3, TradeIX and several leading banks on the Marco Polo project in which we are applying Distributed Ledger technologies to address the complexities and inefficiencies of trade finance.”
Daniel Cotti, CFO and bank partner relationships at TradeIX, comments: “The Marco Polo initiative powered by the TIX platform from TradeIX and R3’s Corda blockchain technology provides a unique solution to the banks to reshape the way they are serving their clients to meet their trade finance needs and the way they interact with each other.