BNY Mellon joins blockchain consortium Marco Polo for trade finance needs of its clients
BNY Mellon has partnered with Marco Polo to provide its clients with an easier and faster way of conducting trade finance, an endeavor that the bank wants to accelerate.
Tue, 26 Nov 2019, 08:37 am UTC
The Marco Polo trade finance consortium just got bigger with the addition of the Bank of New York Mellon into its network running on R3 Corda. The financial institution is currently studying the advantages that Marco Polo brings and will connect clients to the system if the network meets their interests.
Global head of trade finance at BNY Mellon Joon Kim said that they want to expedite this process “as soon as possible,” a testament to the network’s capabilities. Kim hasn’t disclosed information on how many of its clients are using its trade services but did reveal that BNY Mellon is currently working with 1,400 financial institutions, CoinDesk reported.
Marco Polo’s main services are to provide banks an easier and secure way to conduct trade with other companies by using a combination of cloud technology, digital ledger technology (DLT), and API (Application Programming Interface). Since banks will need to spend a lot of time and resources in developing a new network based on this new innovation, most are simply availing the services that Marco Polo offers.
AI saves hundreds of hours by reading and forwarding emails
Indeed, BNY Mellon specifically chose Marco Polo as the blockchain is perfect for open account financing that makes up 85% of trade finance. BNY joining Marco Polo comes in the wake of the financial institution using AI as a means to save hours reading emails.
Since the bank deals with thousands of emails on a monthly basis, resources are being spent in reading and sending them forward to the right channels. With AI, that’s no longer needed, Finextra reported.
“We're looking at how we can apply machine learning to determine what the e-mail is about - settlement, corporate action, tax, a query on a query, etc. – and then get it through to the right team,” said Hans Brown, BNY Mellon's global head of innovation. “Even if it only takes a human a second to read an e-mail and forward it to the right place, you're still saving hundreds of hours a year given the sheer number of them that can be processed with this engine.”
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