DNB, today announced that it completed the testing of the first release of the TradeIX Trade Finance platform as part of the Marco Polo initiative. The results from the test were very promising, setting the stage for further developments around the blockchain technology in trade finance.
DNB together with over a dozen of other leading banks is a member of the Marco Polo network. Marco Polo has become the largest trade finance industry initiative supported by enterprise technology firms TradeIX and R3.
The Trade Finance Platform as part of Marco Polo is built on a global network, powered by open APIs and Corda distributed ledger technology. As part of the successful first release of the Platform, DNB tested a receivable finance orchestration with trade data. The platform as well as the bank node were hosted in Microsoft Azure with the data stored in the distributed ledger technology, Corda.
The objective of Marco Polo project is to provide a smarter, simpler, easy to integrate technology infrastructure for the entire trade ecosystem. It is based on a collaborative approach working with many banks and technology companies to provide the next generation in trade finance solutions. By providing participants real-time visibility through blockchain technology, risk as well as operational and compliance costs can be reduced.
“We are very pleased to be part of the Marco Polo initiative and work on new types of trade finance solutions to change our customers’ experience in trade finance. We believe that the use of distributed ledger technology in trade finance will increase speed and transparency for our corporate clients while at the same time reducing costs and providing a higher quality of service,” said Anders Grevstad, Executive Vice President Transaction Banking DNB.
“With DNB and other leading banking partners, we are demonstrating the value of blockchain technology in an open trade finance platform. This will potentially transform the way global trade is managed and financed, making trade safer, simpler, and more inclusive for all involved,” said Rob Barnes, CEO of TradeIX.
“The traction Marco Polo is gaining in the trade finance space is testament to Corda’s unique take on blockchain technology, fine-tuned for enterprise. We are delighted to welcome DNB on board as we work with TradeIX to transform the way international trade flows are financed and managed,” said David Rutter, CEO of R3.