Alfa-Bank, Commerzbank pilot Marco Polo blockchain trade finance network

Monday 14 October 2019 10:58 CET | News

Russia-based Alfa-Bank and Germany-based Commerzbank have executed a cross-border payments pilot on the Marco Polo blockchain network.

The trial aims to build an end-to-end trade finance and supply chain finance solution for Novolipetsk Steel (NLMK) and Vesuvius GmbH. NLMK claims to be the largest steel producer in Russia, and Vesuvius is an engineering company that produces solutions for steel flow control used in the casting process.

Started in 2017, the Marco Polo Network now has at least 23 bank members, including the two mentioned in this article. The Network is underpinned by R3’s Corda blockchain, operated by TradeIX and offers open account solutions.

To integrate with the Marco Polo Network, corporates like Novolipetsk Steel can use either Application Programming Interfaces (APIs) or ERP integration with platforms such as Microsoft Dynamics 365, Xero, and Oracle Netsuite. The Marco Polo solution allows enterprises to secure financing from multiple banks using a single dashboard.

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Keywords: Alfa-Bank, Commerzbank, Marco Polo, Marco Polo trade finance network, trade finance, blockchain, cross-border payments, Oracle Netsuite, R3, Corda blockchain, Russia, Germany, Europe
Countries: World

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