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ABN AMRO, BMW, SBI run blockchain trial on Marco Polo trade finance network

Monday 16 December 2019 10:39 CET | News

The Marco Polo trade finance network has completed an open account trade finance trial with 70 organisations using its blockchain platform.

The trial saw some new participants engaging with the Marco Polo Network. These included ABN AMRO, Banorte, BMW, Citizens Bank, International Islamic Trade Finance Corporation, SBI, Steelforce, Sumitomo Corporation, the Bank of East Asia and HSBC affiliate Saudi British Bank.

The joint project took place over seven weeks involving participants from multiple sectors including financial services, IT and telecoms, logistics, maritime, real estate, hospitality and the automotive industry. The trial focused on the receivables discounting solution offered by the Marco Polo platform and currently available for production use. In the announcement, the network claimed it was the biggest trial conducted on R3’s Corda network, which underpins Marco Polo.

Marco Polo specialises in open account trade finance solutions. It’s likely that during the trial, companies would have uploaded trade invoices onto the platform. However, the solution also integrates with ERP systems and currently supports Microsoft Dynamics 365, Xero, and Oracle Netsuite. Marco Polo is built on R3’s Corda technology, and TradeIX is the technology provider.


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Keywords: Marco Polo, trade finance, trade finance network, ABN AMRO, TradeIX, Xero, R3, Corda, Oracle Netsuite, BMW, Citizens Bank, International Islamic Trade Finance Corporation, SBI, Steelforce, Sumitomo Corporation, the Bank of East Asia, HSBC, Saudi British Bank
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Europe
This article is part of category

Banking & Fintech