South African Standard Bank joins trade finance blockchain Marco Polo

Standard Bank will be joining the likes of ING and BNP Paribas on the distributed network. Marco Polo focuses on increasing trade finance efficiency by integrating ERP systems with the blockchain platform. It already has Microsoft Dynamics 365, Xero, and Oracle Netsuite working. The network offers various solutions from payment commitment to receivable discounting. It is built on R3’s Corda enterprise blockchain by Irish technology startup TradeIX.

Standard Bank, which is present in 20 African countries, will now be able to contribute to the governance of Marco Polo while also taking advantage of its blockchain-powered applications. Marco Polo members include Alfa Bank, Anglo Gulf Trade Bank, Bangkok Bank, Bayern LB, BNP Paribas, Bradesco, Commerzbank, Danske Bank, DNB, Helaba, ING, LBBW, Natixis, Natwest, OP, Raiffeisen Bank, SMBC, S-Servicepartner and Standard Chartered.

For now, Marco Polo is currently focusing on trade finance for larger organizations, not smaller enterprises like the competing we.trade network. Marco Polo is currently in the pilot phase for some banks such as Commerzbank and LBBW.