Today TradeIX announced that three German financial institutions, Bayern LB, Helaba and S-Servicepartner have joined the Marco Polo blockchain trade finance network to run pilots and evaluate the platform. This brings the number of members of the network to 20. The network is powered by R3’s Corda technology with software provided by TradeIX.
The solutions offered via the network include open account, traditional and structured trade finance solutions.
Bayern LB is the eighth largest bank in Germany and is 94% owned by the state of Bavaria. Helaba is a major regional bank in Germany based in Frankfurt and S-Servicepartner provides back office financial services solutions to 270 German savings banks.
“Joining the Marco Polo Network considerably enhances our range of digital solutions to the benefit of our customers,” said Florian Seitz, Head of Trade & Export Finance, BayernLB. “It allows us to settle trade finance transactions securely and transparently and all the parties concerned profit from the efficiency gains Marco Polo generates by connecting ERP systems. This provides real value added for our export-oriented customers.”
One of the key benefits of Marco Polo is the integration with corporate ERP systems so they can choose what to finance from a dashboard. Earlier this month the Marco Polo ERP app launched for Oracle Netsuite. Solutions for Microsoft Dynamics 365 and Xero have also been developed.
The existing group of public Marco Polo members are Alfa Bank, Anglo Gulf Trade Bank, Bangkok Bank, BNP Paribas, Commerzbank, Danske Bank, DNB, ING, LBBW, Natixis, Natwest, OP, SMBC and Standard Chartered.