Bank of America has joined the Marco Polo blockchain trading finance platform, based on the R3 Corda blockchain.
The bank said that as a long-standing provider of trade finance and supply chain solutions, the company decided to join Marco Polo to offer customers better services. Geoff Brady, head of global trade and supply chain finance at Bank of America, said:
“Joining the Marco Polo network supports our strategic goal – to turn technological advances into trading solutions that meet customer needs. We look forward to learning how new technology can provide greater transparency for our customers throughout the transaction life cycle, making traditional opaque processes simpler and more efficient. ”
In connection with Bank of America joining the Marco Polo blockchain platform, R3 CEO David E. Rutter said he hopes more US banks will follow the lead of the financial institution. Ratter continued:
“As the network continues to grow, the number of blockchain applications that are used to transform financial markets is growing. Trade finance is one of those areas that is expected to benefit most from the prospects of the blockchain and the increase in efficiency that technology can contribute to. ”
Recall that in February last year, the R3 consortium announced the transfer of Marco Polo to the pilot phase. Earlier this month, Mastercard also joined the Marco Polo blockchain platform. In April, the Japanese bank SMBC announced that it will engage in trade finance on the platform, and in May Banco Bradesco and Raiffeisen Bank joined Marco Polo. In August, the first real transactions were conducted on the platform.