TradeIX and R3 launched Project Marco Polo as a joint undertaking together with over a dozen of the world’s foremost financial institutions active in Trade Finance including BNP Paribas, Commerzbank, ING, and Royal Bank of Scotland.
TradeIX is developing an end-to-end open account business network powered by the TIX platform and by the Corda distributed ledger technology.
The scope of the business network is pre- and post-shipment trade finance solutions including APIs and microservices, and specific applications and core technology infrastructure powered by Corda distributed ledger technology.
Marco Polo Members
Marco Polo Provides the following:
- Cutting-edge open account trade solutions, robust suite of trade specific APIs, sophisticated rules engine, and an open, standard core infrastructure.
- Secure, single source of truth for critical trade data including identities, purchase orders, invoices, shipping and logistics information, trade assets, financing activity, and credit risk.
- Reduction of fraud risk and elimination of costly errors, disputes, and delays resulting in faster implementation, processes and lower costs.
- Increase of trade finance volume with existing and new facilities
- New revenue opportunities by connecting new originators, reducing costs of delivering trade finance solutions, and creating additional truth in data sources for funding.
If you are interested to learn more about Marco Polo, receive a presentation and sign up, please contact us.
“Existing trade finance infrastructure is in serious need of an upgrade, and this project is a big step towards the adoption of reliable, efficient and standardized processes for the entire sector.”
David Rutter, CEO of R3
“Building smart contracts to capture the SCF business logic on DLT is an essential step that will significantly boost the trade finance ecosystem.”
Marguerite Burghardt, Global Head of the Trade Competence Center, BNP Paribas.
“Together with R3, other bank members and TradeIX, we aim to bring trade and supply chain finance business to the next evolutionary stage.”
Bernd Laber, group executive Trade Finance & Cash Management Corporate Clients, Commerzbank