Today it was announced that Brazil’s Bradesco is joining blockchain trade finance network
Marco Polo. The network offers trade finance solutions such as receivable discounting, factoring and payment commitment with plans for more. The ultimate aim is to enable efficiencies by radically reducing paperwork and reconciliations.
Banco Bradesco is one of the largest financial services companies in Brazil with 28 million current account holders. It has participated in at least three payment related blockchain initiatives. These include
JP Morgan’s Interbank Information Network for payment information,
IBM’s World Wire cross border payment network, and
Ripple. It’s also an investor in enterprise blockchain company R3.
Marco Polo network participants can experiment with the technology before developing their own differentiated offering on the trade platform. One of Marco Polo’s differentiators is ERP integration, and to date it has solutions for Microsoft Dynamics 365, Xero and the award-winning Marco Polo Oracle Netsuite app. This means a corporate has a single interface to access a multibank network.
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