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Commerzbank, Turkey's Isbank Run Pilot On R3's Trade Finance Network Marco Polo

marcopolo 061020 lt

Germany's Commerzbank and Turkish national bank Isbank successfully piloted an international trade finance transactions based on blockchain's distributed ledger technology (DLT), along with Turkey's Sisecam and Germany's Kuraray Europe GmbH.

The transaction was executed and processed using the Marco Polo trade finance network on R3's Corda blockchain platform. The network focuses on securing payments and financing of trade transactions. Isbank, which joined the network earlier this year, is the first bank in Turkey to use blockchain technology on trade finance transaction.

In the first Turkish-German trade finance transaction on the Marco Polo blockchain network, laminated glass interlayers was traded from Germany to Turkey and payments were secured by digitally processing the related data transfer via Corda blockchain technology on the Marco Polo trade finance network.

All parties involved were able to communicate and view trading data simultaneously on the blockchain. It is also possible to integrate third parties into the data flows where required by banks and trade partners.

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.

The network connects 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.

Its network includes the world's leading financial institutions such as Bank of America, BNY Mellon, Mastercard, ING, BNP Paribas, NatWest, Standard Chartered Bank, Natixis, Raiffeisen Bank and National Australia Bank, apart from Commerzbank and Isbank.

The Marco Polo Network allows members to offer and access a complete suite of trade and working capital solutions. It provides reduced handling of physical documents, reduced reconciliation and resultant dispute reduction.

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