Bangkok Bank, Commerzbank run trade transaction on Marco Polo network

Thursday 30 May 2019 13:59 CET | News

Marco Polo members Bangkok Bank and Commerzbank have jointly executed an international trade transaction using distributed ledger technology (DLT).

German specialty glass manufacturer Schott and Thai packaging manufacturer A.P.A. Industries participated in the capacity of exporter and importer, respectively. The transaction involved supply of glass tubes from Schott to A.P.A. Industries. The order and delivery data were agreed between the companies via the Marco Polo network and payment was secured by a conditional payment commitment from Bangkok Bank, the buyers bank.

According to the official release, the entire flow of information was mapped via R3’s Corda DLT platform in an efficient and comprehensible manner. Through specially set up digital nodes, all the four involved parties were able to communicate and view trading data simultaneously.

Launched in 2017, Marco Polo, which counts over 20 banks from across the globe as its members, leverages R3’s Corda blockchain technology and the TradeIX distributed trade finance platform to enable members to offer to their customers new solutions, facilitate easier integration and significantly reduce response-time in transactions.

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Keywords: Bangkok Bank, Commerzbank, trade finance, Marco Polo, DLT, blockchain trade finance, blockchain, distributed ledger technology, R3, Corda
Countries: World

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