Russia’s Alfa-Bank and Germany’s Commerzbank have executed a cross-border payments pilot on the Marco Polo blockchain network. The trial aims to build an end-to-end trade finance and supply chain finance solution for Novolipetsk Steel (NLMK) and Vesuvius GmbH.
NLMK claims to be the largest steel producer in Russia, and Vesuvius is an engineering company that produces solutions for steel flow control used in the casting process.
Started in 2017, the
Marco Polo Network now has at least 23 bank members, including the two mentioned in this article. The Network is underpinned by R3’s Corda blockchain, operated by TradeIX and offers open account solutions.
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