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South Africa's Standard Bank Joins Marco Polo To Adopt Blockchain

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South Africa's Standard Bank Group joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to enhance transparency and efficiency in trade financing and optimize working capital. It is the first member of the African continent and South African bank to join the platform.

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.

Standard Bank 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 and Brazil's Banco Bradesco also joined the network.

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 in March, 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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