French banking giant Natixis has joined Marco Polo, a trade finance initiative run by enterprise software firm R3 and trade finance technology specialist TradeIX.
Launched in September 2017, the initiative focuses on a trade finance platform built on an interoperable business network powered by open Application Programming Interfaces (APIs) and blockchain technology. Core banking members include BNP, Commerzbank and ING, and additional banks including Standard Chartered, DNB, and OP Financial Group joined gradually. More recently, Thai banking giant Bangkok Bank has joined trade finance initiative.
“We are delighted to become a member of the Marco Polo network and offer trade and supply chain finance solutions leveraging blockchain technology. This initiative belongs to Natixis’ continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its clients,” said Anne-Cécile Delas, Global Head of Global Transaction Banking at Natixis.
Marco Polo provides an infrastructure based on R3’s Corda blockchain platform with focus on open account trade finance orchestrations with data matching, designed to be integrated in new and existing solutions and other trade networks. The primary focus of the initiative is adding new bank members, offering trade finance solutions to their corporate clients and the opportunity to distribute trade assets and data with other members.
“Blockchain’s potential to transform the trade finance ecosystem has always been clear. With the Marco Polo network on our Corda platform we are moving forward from potential to reality. We are pleased to welcome Natixis on board,” said David E. Rutter, CEO of R3.
