TradeIX and the Marco Polo initiative have been mentioned in the latest market insight report from Bain & Company focussing on Transaction Banking. The report called, Wolf in Sheep’s Clothing: Disruption Ahead for Transaction Banking highlights the following:
- Financial institutions and Fintechs companies are increasingly focussing on disrupting transaction banking with new technologies such as blockchain.
- In order to remain competitive, commercial banks have to improve most aspects of their operations, including their legacy systems and underlying technology layer.
- Leading banks have an opportunity to remain competitive and gain market share by focussing on new technologies and collaboration solutions, rethinking their role as funders for their key corporate client base.
One development described in the report is Marco Polo, a trade finance consortium, which includes over a dozen banks as well technology companies R3 and TradeIX with the mission to develop blockchain-based solutions focused on open account trade finance.
To read the full report, please click here.