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“We’re processing of many of these transactions already, leading the way with AI, analytics and automation to get to a more streamlined processing,” Melanie Cutlan, managing director of blockchain services for Accenture Operations said. “With DLT, Accenture has been focused on financial services infrastructure, supply chain and digital identity –
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The Bank of New York Mellon (BNY Mellon) has joined blockchain software firm R3’s trade finance network, the Marco Polo Network.The American banking and financial services firm — which has over $1.9 trillion in assets under management — will conduct an evaluation program using the technology, Marco Polo announced
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BNY Mellon chose Marco Polo because the blockchain works well for open account financing, which makes up around 85 percent of trade finance, and works well for large corporates, Kim said. (In open account transactions, the goods are shipped and delivered before payment is due; with letter-of-credit financing, the bank
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Alfa-Bank and Novolipetsk Steel Company (NLMK), in cooperation with Commerzbank and Vesuvius GmbH, are piloting Russia-Germany cross-border payments on R3’s Marco Polo network.Powered by R3’s Marco Polo Blockchain Global Trade NetworkOn Oct. 11, Alfa-Bank announced that it is launching a foreign trade finance pilot transaction, with the cooperation of
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Bank of America has joined R3’s Corda-powered Marco Polo Network “to tackle trade finance challenges.”“Tackle trade finance challenges”On Sept. 19, Marco Polo announced the multinational investment bank was joining its network to improve international trade inefficiencies and deliver a better service for its customers. Geoff Brady, head of global trade
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Standard Bank, Africa’s largest bank by total assets, has joined blockchain-based trade finance network, the Marco Polo Network.Standard Bank will now develop trade finance solutions alongside major global financial institutions such as French BNP Paribas and Dutch ING, according to a press release on Aug. 22.Backed by the world’s
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