Brazilian bank Brodesco joins Marco Polo trade finance network

Wednesday 15 May 2019 00:57 CET | News

Brazil-based bank Banco Bradesco has announced joining R3’s Marco Polo blockchain network for trade finance.

The Marco Polo network implements R3’s Corda enterprise blockchain technology together with a distributed trade finance platform from TradeIX. It is designed to provide greater cost and time efficiencies — as well as transparency — to commercial banks’ traditional and structured trade finance solutions.

As reported, the network counts banks such as BNP Paribas, ING, and Sumitomo Mitsui Banking Corporation as members. Other members include Standard Chartered Bank and NatWest. he blockchain-powered platform offers technological solutions such as APIs and an ERP-embedded application designed to innovate working capital finance.

Banco Bradesco has total assets worth USD 338.2 billion and a market capitalisation of USD 49.1 billion, according to a press release.

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Keywords: Brodesco, Banco Pradesco, Marco Polo, R3, Corda, Trade Finance Network, blockchain, Brazil, South America, distributed ledger, trade finance
Countries: World