Denmark’s largest bank, Danske Bank, became part of blockchain-based trade finance network Marco Polo, which was initiated by New York-based firm R3.
Danske Bank, Denmark’s largest bank, announced on Monday that it had joined the blockchain-oriented Marco Polo Network, a global trade finance platform and network led by R3 and TradeIX. The platform is aimed at banks and leverages the technology provided by TradeIX. It offers ERP-embedded Working Capital Finance Apps to their enterprise customers. Besides the blockchain technology offered by TradeIX, the Marco Polo network uses open APIs and R3’s blockchain platform Corda.
Marco Polo already includes major players of the banking and financial industries, such as BNP Paribas, ING, Commerzbank, Standard Chartered Bank, Anglo-Gulf Trade Bank, Natixis, SMBC, Bangkok Bank, DNB, and OP Financial Group. Thus, the consortium has grown into the largest trade finance network of commercial banks.
Søren Haugaard, SVP at Danske Bank, commented on the move:
“We are excited to be a member of the Marco Polo Network and further grow its geographical coverage into the Nordic region. We are convinced that our clients are benefiting from this innovative trade finance solution with better customer experience and more options to finance their working capital.”
R3 CEO David E. Rutter stated:
“The Marco Polo project is harnessing blockchain to bring much needed efficacy, speed and improved customer experience to the world of working capital finance. Welcoming Danske Bank to the network will allow Marco Polo to extend its geographical reach and further solidify its position as one of the leading out blockchain projects in the trade finance space.”
The main objective of the Marco Polo network is to help banking platforms ensure a smooth and fast connection with their enterprise clients by leveraging Enterprise Resource Planning (ERP) trade and working capital finance apps.
The ecosystem has several benefits for financial institutions, as it can cut operational costs and reduce risks related to delivering trade and working capital services. The network can also boost revenue chances by efficiently connecting banking firms with their enterprise clients.