In partnership with consortium R3 and trade finance platform TradeIX, ING has launched the Marco Polo initiative, which allows traders to connect in real time and automate financing before and after shipments.
The open-source platform is powered by Corda blockchain technology.
The technology will focus on three areas of trade finance: risk mitigation by provision of payment commitments based on the matching of trade data, payables finance and receivables finance.
ING announced the launch of Marco Polo with BNP and Commerzbank in September and has welcomed other banks and third parties – such as issuers and logistics providers – to use the platform.
Standard Chartered, DNB and OP Financial Group have joined the initiative in recent months.
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“The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot,” said Ivar Wiersma, head of Innovation at ING Wholesale Banking.
“The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing.”
Nikolaus Giesbert, divisional board member, fixed income, currencies and commodities and trade finance and cash management at Commerzbank AG, added: "We are one of the first three banks to successfully perform the proof-of-concept acceptance tests, which is a major achievement for us.
“We are pleased with how far the development has come in such a short time span.
“Together we have proved that blockchain technology will make trade finance faster and more transparent for all participants.”
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