News of the success of the various blockchain consortia is constantly being shared across various news outlets and in an article on Treasury Today, there is no exception. Focusing on the success stories of blockchain in trade finance, the article explains the various pain points of traditional trade finance, as well as how Marco Polo is working to make trade finance more efficient as well as fix many of the existing problems.
“The Marco Polo initiative, meanwhile, is focused on providing blockchain-driven payment commitment solutions like guarantees, as well as open account trade finance solutions such as receivable discounting and factoring. Partners on the project include Commerzbank, ING, DNB, Standard Chartered Bank, and Natixis. Its bold aim is to connect financial institutions and millions of corporate clients of all sizes via ERP-embedded working capital finance apps and dedicated trade finance solutions to “create the world’s largest trade finance network…”
Read the full article here.