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LBBW joins the Marco Polo trade finance network

Friday 30 November 2018 10:31 CET | News

Germany-based bank LBBW has announced that it became a founding member of Marco Polo, the trade finance network powered by Corda blockchain technology.

 LBBW joins Marco Polo as first member of the German S-Finanzgruppe. By joining Marco Polo, LBBW becomes part of a list of banks including BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natwest, Natixis, Bangkok Bank, SMBC, DNB, OP Financial Group and Anglo-Gulf Trade Bank. LBBW is working with its partners BayernLB, Helaba and S-Servicepartner on concepts for the S-Finanzgruppe to grow the ecosystem in international trade and supply chain finance.

The Marco Polo Network leverages the TradeIX distributed platform technology and R3’s blockchain platform Corda, enabling banks to offer a superior customer experience with data integration, while reducing costs, time and risks.

Marco Polo is a bank focused network of platforms offering corporate facing applications. These ERP-embedded and standalone Working Capital and Trade Finance Apps give corporate clients access to multiple working capital and trade finance solutions directly from within their ERP system, reducing integration costs and risks. The Marco Polo Network also provides banks and corporate customers digital access to the broader working capital and trade finance ecosystem participants such as insurers, logistics providers, non-banks, and information providers as well as connectivity with other business networks.

 


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Keywords: LBBW, Marco Polo, Marco consortium, trade finance network, Germany, trade finance, supply chain finance
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Countries: World