Alfa-Bank joins the Marco Polo Network to boost trade finance

Thursday 7 March 2019 14:41 CET | News

Russia-based Alfa-Bank has announced that it joined the Marco Polo Network to bring efficiencies in financing trade and working capital.

Alfa-Bank joins BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, and OP Financial Group as a member of the network of commercial banks in the trade finance market.

Marco Polo offers a trade finance platform for global working capital needs delivering risk mitigation solutions around payment commitments, receivables financing, and factoring solutions. The platform is powered by R3’s Corda blockchain technology and open Application Programming Interfaces (APIs) purpose-built for the global trade ecosystem. It allows banks to integrate into trade orchestrations bringing in ERP, procure to pay, logistics, payment, and insurance data real-time into the transactions.

As of June 30, 2018 Alfa-Bank serves more than 507,000 corporate and 15.8 mln retail customers, while the branch network consists of 774 offices in Moscow, across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United Kingdom and Cyprus.

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Keywords: Alfa-Bank, Marco Polo Network, trade finance, blockchain technology, Russia, Russian Federation, distributed ledger technology, R3, Corda
Countries: World

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