Bank of America has joined R3’s Corda-powered Marco Polo Network “to tackle trade finance challenges.”
“Tackle trade finance challenges”
On Sept. 19, Marco Polo announced the multinational funding financial institution was becoming a member of its community to enhance worldwide commerce inefficiencies and ship a greater service for its prospects. Geoff Brady, head of international commerce at Bank of America, mentioned:
“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”
Daniel Cotti, managing director for the Marco Polo Network, mentioned he’s wanting ahead to working with Bank of America to deal with crucial market challenges.
Following within the footsteps of Mastercard
Cointelegraph reported to start with of September that American monetary providers large Mastercard had additionally revealed its participation within the undertaking, a collaboration between R3 and Irish tech firm TradeIX. The initiative gives a multi-asset class platform that gives broker-dealer providers and multicurrency transactions.
Cointelegraph additionally wrote that Marco Polo onboarded three new members for piloting and analysis functions, specifically monetary providers agency BayernLB, Frankfurt-based financial institution Helaba and again workplace service supplier S-Servicepartner.