Trade is the lifeblood of the modern global economy. Each year, hundreds of trillions of dollars in goods, assets, credit, and money change hands in support of global trade.
The current IT and financial systems that manage and facilitate these trade flows are now straining under the weight of increasingly complex supply chains, trading relationships and interactions between parties.
Existing systems are woefully inefficient, siloed or still paper-based and many of them have not improved for decades. They introduce bottlenecks and create unnecessary cost, time, complexity, and risk in every step.
The Marco Polo Network is working with Financial Institutions, Corporates and Technology & Service Providers to remove the barriers preventing them from operating at their best.
Financial institutions need to meet increasingly rigorous risk management and compliance requirements and are constantly challenged to develop new solutions. While in the digital age, their corporate clients bear the costs of a fragmented market offering and are paralysed by outdated processes.
In late 2017, a group of the world’s foremost financial institutions and technology companies TradeIX and R3 launched the Marco Polo Network to change this. The network is addressing critical issues from across the sector, leveraging blockchain technology to support new solutions and providing seamless connectivity right out of the corporates ERP system.
Together, with the members of Marco Polo, we’ve developed the first network of distributed platforms. This network allows participants to offer and access a complete suite of trade and working capital finance solutions all in one place, within their own company.
Costly integration processes are replaced by APIs and the world’s first ERP-embedded App for trade and working capital finance. In conjunction, the Corda blockchain technology provides the level of connectivity and privacy for facilitating the flow of goods, money, and credit, while transactions are completed faster thanks to tasks and process automation.
The Marco Polo Network also offers a collaborative environment to experiment with the newest technologies, develop highly distinct offerings and gain a competitive advantage.
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