The Marco Polo network, a coalition of firms focused on using blockchain technology to improve international transactions and trading in general, has now welcomed the second largest banking institution in the United States, Bank of America (BofA).
Bank of America hopes to use its membership of the network, to increase the effectiveness and efficiency of its supply chain services as well as trade and finance solutions. Bank of America’s Head of Global Trade, Geoff Brady, said the bank hopes to use technological advancements, to better service its clients.
“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”
The Marco Polo Network was founded by TradeIX and R3, and is powered by R3’s Corda blockchain. The network hopes to make transactions and access to capital as easy as possible, through real-time connectivity and cost-effectiveness.
Earlier this month, Marco Polo also on-boarded MasterCard on the network. The network will be specifically used by MasterCard Track, the firm’s business-to-business trade division.
Bank of America joins other institutions on the Marco Polo Network including Commerzbank, LBBW, Standard Chartered Bank, Bangkok Bank, Standard Bank, Natixis, Bradesco, BayernLB, BNP Paribas among others.
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