Marco Polo has migrated its platform to blockchain to make trade finance easier and less prone to risks compared to the traditional method using paper-based processes. The company already has major institutions, which includes BNP, Commerzbank, and ING participating in its program.
Bangkok Bank, upon hooking up with Marco Polo, is looking to implement distributed ledger technologies (DLT) to “address the complexities and inefficiencies of trade finance,” executive VP Ian Guy Gillard said in a press release.
The solution which was designed with R3 Corda, and transmitted over TradeIX’s TIX open platform delivers end-to-end, real-time connectivity among participants of the trade transaction and streamlines data flow. With this technology, Marco Polo can take care of three important aspects of trade finance: risk mitigation, payables finance and receivables finance.
Pornnit Dunnvatanachit, an executive from Bangkok Bank, stated:
“Our customers are increasingly deploying sophisticated technologies in their operations and Marco Polo provides an innovative way to respond to their needs.”
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