Bank of America joins the Marco Polo Network
Bank Of America will benefit from the Marco Polo network by making traditionally paper-based, opaque trade finance processes easier and more efficient
Bank Of America will benefit from the Marco Polo network by making traditionally paper-based, opaque trade finance processes easier and more efficient
Bank of America (BoA) is joining the Marco Polo Network to overcome problems associated with trade finance and in-turn provide transformative solutions to global trade participants. The Marco Polo Networks leverages Corda distributed ledger technology and operates on the first distributed trade finance platform powered by blockchain technology.
Geoff Brady, Head of Global Trade & Supply Chain Finance in Global Transaction Services at Bank of America commented: “Joining the Marco Polo Network supports our 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.”
Daniel Cotti, Managing Director, CoE, Banking & Trade for the Marco Polo Network added: “The Marco Polo Network is accelerating its presence in North America and we are very pleased to have one of the largest and most innovative trade finance banks in the world joining the Network. We look forward to working with Bank of America to address critical market challenges and to expand the Network’s reach and eco-system to a wider audience of Corporate Customers.”
The Marco Polo Network offers its members access to innovative risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs. The initiative aims at making trade finance more transparent, smarter and better connected and is championed by new technology providers TradeIX and R3.
David E. Rutter, CEO at R3 commented: “The Marco Polo Network’s existing roster of banks is further strengthened by welcoming Bank of America – one of the most prominent and innovative players in the financial services space. As the network continues to grow, so too does the growing number of use cases blockchain technology presents in transforming financial markets. 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.”
Other members of the Marco Polo Network include BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.