27 October 2020 (Dublin, Paris) – Renowned trade finance institution Crédit Agricole CIB successfully completed a series of transactions on the Marco Polo Network with leading global corporate Voith and German bank LBBW. It marks the beginning of several tests to utilize Marco Polo’s full set of trade instruments.
Crédit Agricole CIB has come on board the Marco Polo Network in March 2020 to leverage blockchain technology to grant clients access to wider ecosystems in trade finance and working capital solutions, especially on digitisation of trade with a new open account payment method as well as receivables and payables financing. The French bank has been a partner of Voith for 15 years.
With its key focus on increasing efficiencies to trade finance and supply chains, the Marco Polo Network is an integrated solution built to overcome critical trade finance challenges including access to liquidity, data security, need for digitalisation, and replacement of paper-based solutions.
The success of the collaboration once again reinforces Marco Polo’s multi-bank capability, demonstrating its ability to meet the supply chain needs and interests of banks and corporates simultaneously, based not only on the strength of its innovative trade solutions but also its capacity to provide a seamless end to end process on a truly global, digital and inter-connected trade platform.
Gerald Böhm, Head of Guarantees and Trade Finance, Voith Group
“The Payment Commitment module has been improved since our 2019 transactions. TradeIX and the Marco Polo banks have been doing a great job. Now it is time to get the various agreements (e.g. rulebook) finalized.”
Naeem Khan, Global Head of Trade Finance, Crédit Agricole CIB
“Beyond our regular capacity to deliver daily trade finance solutions, Crédit Agricole CIB is heavily involved in testing and developing innovative solutions with and for its clients. It is the combination of our ability to provide trusted services and our agility in finding new and effective solutions that have enabled publishing company, Global Trade Review to award Crédit Agricole CIB as the best trade finance bank in Western Europe for the fifth consecutive year.“
Michael Maurer, Head of International Trade and Payment Solutions, LBBW
“With Marco Polo, we can offer our customers modern and efficient solutions for risk hedging and financing throughout the supply chain in international trade. The intensive tests have brought us to a high level of maturity.”
Rob Barnes, CEO, TradeIX
“The focus of Marco Polo has always been about building sustainable digital solutions like Payment Commitment, which optimizes supply chain efficiency and agility through an interoperable network, resulting in a more resilient and cost-effective trade finance process. Having the support of Voith, Crédit Agricole CIB, and LBBW; all trailblazers in their industries, speaks volumes about what we are doing for trade finance and global supply chains, especially in these unprecedented times we are in.”
About Voith Group (voith.com)
The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & auto-motive. Founded in 1867, the company today has more than 19,000 employees, sales of € 4.3 billion and locations in over 60 countries worldwide and is thus one of the larger family-owned companies in Europe.
About Crédit Agricole CIB (www.ca-cib.com)
Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 12th largest banking group worldwide in terms of tier 1 capital (The Banker, July 2020). Nearly 8,400 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank’s clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.
About LBBW (www.lbbw.de)
Landesbank Baden-Württemberg (LBBW) is both a medium-sized universal bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. With total assets of EUR 257 billion and around 10,000 employees (as of 31 Dec. 2019), LBBW is one of the largest banks in Germany. Its core activities are the business with corporate customers, in particular small and medium-sized enterprises, and the private customer business.
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