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Bank Of America Joins DLT-based Trade Finance Network Marco Polo

boa marcopolo 092019 lt

Bank of America joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to offer improved international trade solutions for its customers.

The bank has been providing trade and supply chain finance solutions, with offices spanning Asia Pacific, EMEA, Latin America and North America.

The Marco Polo Network offers its members access to risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs.

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 Irish technology firm TradeIX.

Bank of America joins other banks and financial institutions on the network including ING, BNP Paribas, NatWest, Standard Chartered Bank, and Commerzbank.

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.

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