BNY Mellon joins blockchain-powered trade finance network Marco Polo

Tuesday 26 November 2019 14:16 CET | News

US-based BNY Mellon has joined the Marco Polo trade finance consortium running on R3’s Corda, becoming the 28th bank to do so.

The USD 373-billion asset bank is evaluating Marco Polo’s technology with the intention of onboarding clients if the network’s capabilities fit clients’ interests, BNY Mellon have stated for CoinDesk.

For banks around the globe that want to create their own trade operations but don’t want the hassle of developing a new division, BNY Mellon offers white-labeled trading services. In September 2019 the bank announced that it had expanded its trade services with KeyBank, a US-based regional bank with USD 416 billion in assets.

Founded by blockchain companies R3 and TradeIX, Marco Polo aims to create real-time settlements and transparency in trading relationships. In September 2019, Bank of America and Mastercard joined

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Keywords: BNY Mellon, Marco Polo, blockchain, trade finance, trade finance netwrok, TradeIX, Corda, R3, Bank of America, KeyBank, US, North America
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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