Today BNY Mellon announced it is part of the Marco Polo blockchain trade finance network. Ledger Insights first revealed the news almost two years ago. Hence we asked the bank whether it’s now in production. A spokesperson responded, “BNY Mellon is now an active member on the Marco Polo network and we look forward to delivering the efficiencies afforded by the network to trade finance clients over the coming weeks and months.”
Marco Polo boasts more than 30 banks as network members and around 20 corporates. The first banks to go into production earlier this year were Commerzbank, LBBW, and Turkey’s İşbank, and SMBC processed a live transaction in August.
One of Marco Polo’s standout features is its integration with banking systems and corporate ERP. But the solutions still need to be plugged together via APIs, and that can take time.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
