On Monday, Denmark’s largest bank, Danske Bank, disclosed that it has become a member of blockchain-based Marco Polo Network. For those who may not know, Marco Polo Network is a platform that focuses on global trade financing. Note also that R3 and TradeIX lead the Marco Polo Network.
With the aid of TradeIX technology, the platform targets banks. In addition to that, to all its enterprise customers, Marco Polo Network offers an ERP-embedded working capital finance app. The network deploys the mix of TradeIX blockchain services, R3’s Corda, and API. Just a quick reminder, New York-based R3 developed the public blockchain platform Corda.
Who are the Members?
Marco Polo has already brought in many interested organizations into its fold. Of course, these members are mostly banks and fintech companies from around the world. The list includes Anglo-Gulf Trade Bank, Standard Chartered Bank, ING, BNP Paribas, and Commerzbank. Others are OP Financial Group, Natixis, Bangkok Bank, DNB, and a host more. As a result of this broad network of members, the consortium has become the largest network of commercial banks.
Objective of Marco Polo Network
Essentially, Marco Polo Network has the core objective of delivering fast and smooth connection with various enterprise members. To this end, the Marco Polo Network encourages these platforms to leverage working capital finance apps and Enterprise Resource Planning (ERP).
So far, its members can attest to the numerous benefits that the Marco Polo Network offers. To name a few, these benefits include increased revenue, risk reduction, and operations cost reduction. By connecting banking firms with various enterprise clients, the Network increases members’ revenue.
Official Remarks
Following the achievement, the Danske Bank’s Senior Vice President, Soren Haugaard, shared his opinion. The top bank executive expressed his excitement over their member joining the network. Of import, he noted that the membership will further solidify the bank’s growth in the Nordic region. On how it affects their clients, Haugaard pointed out that they strongly believe that the clients are also benefiting from the innovative trade finance solution. Speaking of this, the SVP picked out the areas that the clients will benefit from including improved customer experiences and more alternatives to working capital financing.
Responding, R3’s CEO, David Rutter, noted that the Marco Polo Network is harnessing the positives around blockchain technology to improve working capital finance. On the areas that the technology is affecting, Rutter noted that these areas are customer experience, efficacy, and speed. He asserted that welcoming Danske Bank will cement the Marco Polo Network’s position as the leading blockchain consortium in the trade finance industry.
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