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Brazil’s banking giant Banco Bradesco has joined Marco Polo, a trade finance network on R3’s Corda blockchain platform.
Launched in 2017, Marco Polo is a joint undertaking with technology firm TradeIX, working with enterprise software firm R3. It leverages R3’s Corda blockchain technology and the TradeIX distributed trade finance platform to enable members to offer to their customers new solutions, facilitate easier integration and significantly reduce response-time in transactions.
Bradesco joins other members including BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, BayernLB, Helaba and S-Servicepartner.
“Following the successful digitalization of our retail services, we’re now focused on leveraging the best technology to develop new trade finance solutions for our corporate banking customers,” Roberto Medeiros, Bradesco´s Head of International and Trade Finance, said.
“Our Research & Innovation Department carefully assessed the options available to implement blockchain solutions and APIs. The expertise of the Marco Polo Network, the forward-looking vision and the end user-focused approach convinced us that we had found the optimum place to succeed.”
Through the Marco Polo Network, financial institutions can trial blockchain technology as well as share their knowledge before they start developing their own differentiated trade finance offerings on the platform. These trade finance solutions can be easily accessed by their corporate customers via ERP-embedded application and specific APIs for working capital finance.
In March 2019, two commercial transactions between international technology group Voith and pump and valve manufacturer KSB SE were carried out using Marco Polo for the first time. The pilot project was launched in cooperation with Marco Polo founding members – Commerzbank and LBBW.
Last November, Banco Bradesco teamed up with Japanese bank MUFG to launch a cross-border payment service powered by Ripple’s technology.
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