Turkish bank İşbank carries second pilot on cross border trade using blockchain

Wednesday 11 November 2020 12:24 CET | News

İşbank and Commerzbank together with their corporate clients have jointly run their second international trade finance pilot transaction based on distributed ledger technology (DLT).

Payments were secured by digitally processing the related data transfer via Corda blockchain technology on the Marco Polo trade finance platform. İşbank is the first bank in Turkey to perform a trade finance transaction using blockchain technology. The first transaction took place on 27 May 2020 between İşbank, Şişecam, Kuraray Europe, and Commerzbank.

This time, the transaction happened on 2 November 2020 between İşbank, Sanko Holding Super Film, Brückner Group, and Commerzbank. This second transaction supported the trading of machine parts from Germany to Turkey. It differs from the first transaction in terms of the type of goods, sector, parties, amount, and transaction details. Both transactions have been successfully completed using Marco Polo’s Payment Commitment solution.

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Keywords: Isbank, blockchain, DLT, trade finance, Commerzbank, corporate clients, Corda, Marco Polo, Turkey
Categories: Banking & Fintech
Countries: Turkey
This article is part of category

Banking & Fintech