Austrian Raiffeisen Bank joins blockchain trade finance network Marco Polo

Thursday 9 May 2019 14:01 CET | News

The Austrian Raiffeisen Bank International (RBI) has joined the Marco Polo blockchain trade finance network in order to run pilots, and evaluate the platform.

Marco Polo offers trade finance solutions, such as receivable discounting, factoring, and payment commitment, with more to follow later in 2019, including approved payables financing and bank guarantee. Moreover, one feature for corporate bank clients is direct ERP integration, which means there’s a single interface for the enterprise to access a multibank network. Existing Marco Polo ERP integrations include Microsoft Dynamics 365, Xero, and the Marco Polo Oracle Netsuite app. The software is developed by TradeIX based on R3’s Corda distributed ledger technology.

RBI, based in Austria, is listed on the Vienna Stock Exchange, but a large part of its footprint is in Central and Eastern Europe. The bank has 47,000 employees, and 16.1 million customers. The collaboration between Raiffeisen Bank International and the Marco Polo Network aims to expand the geographic coverage substantially, so that Marco Polo really becomes the main trade finance network in Europe.

The existing group of public Marco Polo members include Alfa Bank, Anglo Gulf Trade Bank, Bangkok Bank, Bayern LB, BNP Paribas, Commerzbank, Danske Bank, DNB, Helaba, ING, LBBW, Natixis, Natwest, OP, SMBC, S-Servicepartner, and Standard Chartered.

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Keywords: Marco Polo, blockchain, trade finance, network, Austria, Raiffeisen Bank, payments , payables financing, bank guarantee, bank, multibank, distributed ledger technology
Countries: World

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