By Marco Polo Network is one of the largest and fastest-growing trade finance network leveraging Corda distributed ledger technology to provide transformative solutions to global trade participants. Bank of America has inclined to join the Marco Polo blockchain trade network.
Marco Polo Craze
There are some of the big names to boast of in Marco Polo’s network and BofA’s entry brings the total member count to 23. Other prominent members include Mastercard and top global banks such as BNP Paribas, ING and Standard Chartered.
For a long period, Bank of America has provided trade and supply chain finance solutions, with offices traversing Asia Pacific, EMEA, Latin America, and North America. Innovations have been introduced regularly that leverage the bank’s annual $3bn new technology initiative fund. The bank holds the record of being North America’s Best Digital Bank by Euromoney for the second consecutive year.
The network is based on the first distributed trade finance platform powered by blockchain technology. It offers its members access to innovative risk mitigation solutions such as receivables discounting, payment commitment and payables finance programs. New technology providers such as Trade I and R3 have taken the initiative aiming at making trade finance more transparent, smarter and better connected.
Daniel Cotti, Managing Director, CoE, Banking & Trade for the Marco Polo Network: “The Marco Polo Network is accelerating its presence in North America and we are very pleased to have the trade finance bank which is one of the largest and most innovative in the world joining the Network,”, He says, “We are keen to work with Bank of America to discuss critical market challenges and to expand the Network’s reach and eco-system to a wider audience of Corporate Customers.”
Bank of America owns 82 blockchain-related patents. But despite this, it is Chief Operations and Technology Officer Cathy Bessant isn’t that bullish.
Features of the Platform
Started in 2017, the Marco Polo network is in the pilot phase and offers open account solutions.
The main feature of the platform includes ERP integration, allowing enterprises to get financing from multiple banks using a single dashboard. Selection of invoices, their choice of banks and the required funding amount is needed to be made by the company. Microsoft Dynamics 365, Xero, and Oracle Netsuite are included in current integrations.
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