Today the
Marco Polo blockchain trade finance network announced the addition of the National Australia Bank (NAB) as its first Australian participant. The bank claims to be the biggest business bank in the country. The
Marco Polo project aims to address many of the inefficiencies currently found in the trade finance sector, particularly the numerous manual processes, which slow things down and a lack of transparency.
Marco Polo is already live on the R3 Corda Network. But none of the 25 or so participants are in production as yet. However, a launch in the near future is likely. Lately, there have been multiple live pilots. These included a transaction between German engineering firm
Dürr as supplier to Daimler with LBBW as the banking partner. Russia’s
Alfa-Bank and Germany’s Commerzbank have also recently conducted a pilot together, as have
SMBC and Bangkok Bank in Asia.
Cathryn Carver from NAB said: “With trade practices evolving rapidly, NAB is focused on increasing efficiencies through trade process digitization.”
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.
