Global industrial product manufacturer, Börger, has recently completed their first blockchain-enabled trade finance pilot on Marco Polo, a distributed ledger technology (DLT) powered platform.
Börger, with presence in more than 65 countries, completed a series of successful pilot transactions with two of Germany-based financial players, Sparkasse Westmünsterland and S-Servicepartner.
The collaboration focused on Marco Polo’s Payment Commitment module which is an irrevocable payment commitment (IPC) that is available exclusively on the network. The underlying domestic transaction involved commercial pumps sold by Börger to a client. The Euro-based transaction was financed by Sparkasse Westmünsterland with all process steps stored on the Corda blockchain.
A trade finance instrument used to secure payments against the successful matching of trade data is Payment Commitment, an irrevocable and independent undertaking of an obligor (buyer/importer) or its bank to pay at maturity to a recipient (seller/exporter) bank on the Marco Polo Network.
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