Bank of America has joined R3’s Corda-powered Marco Polo Network “to tackle trade finance challenges.”
“Tackle trade finance challenges”
On Sept. 19, Marco Polo announced the multinational investment bank was joining its network to improve international trade inefficiencies and deliver a better service for its customers. Geoff Brady, head of global trade at Bank of America, said:
“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”
Daniel Cotti, managing director for the Marco Polo Network, said he is looking forward to working with Bank of America to address critical market challenges.
Following in the footsteps of Mastercard
American financial services giant Mastercard had also revealed its participation in the project, a collaboration between R3 and Irish tech company TradeIX. The initiative provides a multi-asset class platform that offers broker-dealer services and multicurrency transactions.
Marco Polo onboarded three new members for piloting and evaluation purposes, namely financial services firm BayernLB, Frankfurt-based bank Helaba and back office service provider S-Servicepartner.