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Brazil's Banco Bradesco Joins Trade Finance Network Marco Polo

marcopolo may14 lt

Brazil's banking and financial services company Banco Bradesco joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to enhance efficiencies in financing trade and working capital.

Marco Polo is a trade network connecting banks, corporates and third party service providers, powered by enterprise software firm R3's Corda blockchain platform and the distributed trade finance platform from TradeIX.

Banco Bradesco expects to launch the network's first pilot in the Latin American region.

The platform will also enable the bank to offer to their corporate customer's solutions, facilitate easier integration and significantly reduce response-time in transactions.

Banco Bradesco joins other banks and financial institutions on the network including ING, BNP Paribas, NatWest, Standard Chartered Bank, Commerzbank and Landesbank Baden-Württemberg (LBBW). Most recently, Austria's Raiffeisen Bank also joined the network.

Other members of the network of commercial banks leveraging blockchain for trade finance are Anglo-Gulf Trade Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, DNB, OP Financial Group, Alfa-Bank BayernLB, Helaba and S-Servicepartner.

Launched in 2017, Marco Polo is a bank focused network of platforms offering ERP-embedded trade and working capital finance applications to their corporate clients. It is powered by open Application Programming Interfaces (APIs) and Corda blockchain technology.

Recently, Germany's Commerzbank and LBBW successfully piloted the digitization of commercial transactions based on blockchain's DLT. The transactions were executed and processed using the Marco Polo trade finance network on R3's Corda blockchain platform.

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