Provide cutting-edge trade finance
Marco Polo: Objectives
The scope of Marco Polo is to create a competitive market offering for banks for pre- and post-shipment trade finance solutions. This includes a robust suite of trade specific APIs and technology tools, applications, a sophisticated rules engine, and an open, standard core infrastructure for trade data, contracts, and transactions.
The project aims to provide cutting-edge trade finance solutions to meet the needs of all members across multiple geographies, supporting the continued growth of open account trade with a focus on the following three principles:
- Provide a smarter, more straightforward, easy way to integrate technology infrastructure for the entire trade ecosystem
- Standardised trade orchestrations leveraging digital smart-contracts to drive automation and interoperability
- Utilise light, modular, and API-driven systems that provide a superior customer experience
- Reduce risk, operational and compliance costs by providing participants real-time visibility into a single source of truth
- Collaborative approach working with many banks and technology companies to provide the next generation trade finance solution
- Provide a secure, global, open business network for trade finance that can be linked to other business networks
- DLT – Leverage Distributed Ledger Technology (DLT) and its capabilities for trade finance – smart contracts, security, immutable, auditable, redundant and trusted.
- Next Generation Trade Finance Engine – Access to an innovative platform for a secure, user-friendly, modular, flexible, shared infrastructure enabling interoperability with rules and standards.
- Integrate Easily – Utilise standards and APIs to easily integrate with internal systems, customers, other banks, third-party data providers and other trade networks. Connecting the whole trade ecosystem.
- Better Collaboration – Collaborate with peers, technology and industry experts. Exchange best practices and develop standards with one of the fastest growing trade finance business networks.
- Risk Reduction – Operational risk is reduced through enhanced operational efficiency. The transactional risk is reduced with improved transparency and security.
- Audit and Compliance – Superior audit and compliance through the provision of forensic audit trail and improve transparency and tracking of trade assets.
- New Revenue Streams – Access to new clients, markets and trade flows by offering new or improved trade finance solutions to existing and new clients in a more cost-effective way.
Would you like to speak to us about the Marco Polo blockchain initiative for trade finance or know more about how you can join?
+44 203 287 0744