The Marco Polo trade finance blockchain now has multiple banks in production. Today Commerzbank and LBBW announced transactions on the platform which were not simply pilots. In both cases, the buyer’s bank issued an irrevocable payment commitment to the supplier. We believe Commerzbank, LBBW, and Turkey’s İşbank are the first to go live on Marco Polo.
What’s different about Marco Polo is the deep integration, both for the bank and corporates, and the automation that enables. It plugs into the corporate’s ERP system, although it also supports spreadsheet uploads for those that have not yet performed integration. Hence, it’s possible to match the trade data and the irrevocable payment undertaking takes place digitally.
The first transaction involved the export of laminated glass from Germany to Turkey with Commerzbank working with Kuraray Europe GmbH and Turkey’s İşbank with the buyer Şişecam.
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