Marco Polo, the trade and working capital finance network, has added the Bank of America to its list of friends.
The blockchain trade network has been founded by a group of companies, namely R3 and TradeIX and uses R3’s Corda blockchain platform. The Company’s vision is to provide better trade solutions with real-time capital access, less hassle when accessing assets and transparency in all matters concerning trade.
The mail that notified the consumer of this new partnership was sent on Thursday, outlining the matter at hand, that read that the Bank of America would be joining the group of companies that have allied with the blockchain-backed trading firm, Marco Polo to provide better services.
Marco Polo is gathering support
Transparency plays a major role in shaping the world we live in now, is what the head of global trade and supply chain finance in Global Transaction Services at Bank of America, Geoff Brady said. He further explained that technological solutions should be turned into trade opportunities. The Bank of America believes that, here, at Marco Polo, they understand that.
The CEO of R3, David Rutter expressed his delight on the matter as the bank of America got onboard the Marco Polo express stating that with the technology growing and the world adapting, it is only natural for trade to jump in on the action as well. Adopting blockchains for trade services will prove very efficient for trade.
MasterCard joined the consortium earlier this month because it sees an opportunity for Master Track, that is a business to business finance solution that will provide an access point to Marco Polo’s working capital finance platform. Another member of the consortium is Africa’s Standard Bank that joined the group in August.
Trade solutions that are cost-saving have been possible with the efficiency that the digital ledger technology has bought with itself. Marco Polo isn’t the first of its kind and neither will be the last.