Today blockchain trade finance network
Marco Polo announced that the Standard Bank Group will be a new member. Johannesburg-based Standard Bank is the biggest in Africa by assets and will be joining the likes of ING and BNP Paribas on the distributed network.
Marco Polo focuses on increasing
trade finance efficiency by integrating ERP systems with the blockchain platform. It already has Microsoft Dynamics 365, Xero, and Oracle Netsuite working. The network offers various solutions from payment commitment to receivable discounting. It is built on R3’s Corda enterprise blockchain by Irish technology startup
TradeIX.
Standard Bank, which is present in 20 African countries, will now be able to contribute to the governance of Marco Polo while also taking advantage of its blockchain-powered applications.
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