NatWest, a UK bank announced that it has joined Marco Polo, a trade finance network created by Trade IX and R3, an enterprise blockchain firm. This move has been made to reduce the cost, risk and time involved in business-to-business trading.
David E. Rutter, CEO of R3, said
The momentum around Marco Polo continues to build. We’re delighted to see NatWest join the growing network of financial institutions working together with R3 and TradeIX to bring much-needed transparency and efficiency to trade finance.
Other banks that have adopted the platform include BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, DNB and OP Financial Group.
Rowan Austin, Head of Trading and Working Capital Product at NatWest also expressed their excitement about this deal. He said,
We are really excited to be joining the Marco Polo network and making an important step forward that will help reduce much of the time, expense and uncertainty in conducting international trade. We want to leverage distributed ledger technology for our clients and the best way to achieve this is through global collaboration with other financial institutions and leading technology providers.
This platform was launched earlier this year in February and its key goal is to provide a digital global platform and enabling banks to manage their system in a more global and cohesive manner. The platform brings together the physical, information, supply chain system and digital trade data and helps to reduce risk, increase transparency, and ease the access to lines of credit.
Marco Polo is powered by R3’s Corda blockchain and pen Application Programming Interfaces (APIs) built specifically for the global trade ecosystem. It allows banks to bring in ERP, logistics, payment, insurance data, etc real time into transactions.
Daniel Cotti, CFO and Bank Partner Relationships at TradeIX said,
Today, corporate clients expect highly-connected platforms that can accelerate corporate growth by improving working capital with an asset-agnostic trade finance engine that supports the entire asset lifecycle and access to broader funding providers. We are very excited to have NatWest part of Marco Polo of forward-looking leaders who are building the trade finance network of the future today.
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