Bank of America is the latest bank to join the Marco Polo blockchain-based trade network, to boost its trade activities.
According to a Marco Polo press release today, the firm’s trade network is built on the R3’s Corda blockchain platform, and designed to offer transformative solutions for users, by providing real-time connectivity, greater visibility for trading relationships, and eliminate barriers in sourcing for funds.
Geoff Brady, Head of Global Trade & Supply Chain Finance in Global Transaction Services at Bank of America commented:
“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 new technology can generate greater transparency for our clients throughout the transaction lifecycle.”
Per the release, the Bank of America, which has offices in different strategic places of the world, including Asia and North America, boasts of good innovative financial solutions for firms within the countries it operates.
The bank consistent strive to launch excellent financial services, saw it emerge the winner of the Euromoney’s best North America Digital Bank award. It was also the ambition to offer better services for clients that made the bank join the Marco Polo network, the press release notes.
Commenting on the development, David E. Rutter, CEO at R3, said:
“The Marco Polo Network’s existing roster of banks is further strengthened by welcoming Bank of America […] We hope that Bank of America’s place in the network will encourage more to join us in transforming trade finance through technology.”
Interestingly, the Marco Polo network is currently being utilized by various global financial institutions, including BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Bangkok Bank, Danske Bank, Alfa-Bank, Bradesco, Raiffeisen Bank International, Standard Bank, among others.
Meanwhile, this isn’t the first time that Bank of America has been linked to the blockchain and crypto industry, Coinfomania reported last year that the bank filed for a blockchain patent to aid its development of a secured crypto storage system.