Today Bank of America (BofA) announced it joined the Marco Polo blockchain trade finance network. Bank of America is one of the top four banks in the US with total assets of $2,396 billion at the end of June 2019.
Marco Polo has some big names to boast of in its 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.
“We look forward to exploring how the new technology (blockchain) can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient,” said Geoff Brady, Head of Global Trade & Supply Chain Finance in Global Transaction Services at BofA.
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