Commercial Bank participated in the first ‘Blockchain Open Account Trade Finance Trial’ on the Marco Polo Platform, the biggest trial to date on the R3 Corda Network.
A Commercial Bank statement said, “Open account trade is the propeller of the economy today with increasing confidence between parties. Bank finance to open account trade involves cumbersome verification and validation of documents such as invoices, shipping documents, insurance etc. Solutions like Marco Polo bring in the advantages of state-of-the-art technology and platform to facilitate trade finance in a reliable and fast environment fulfilling all at one place.
“Together with some of the world’s leading financial institutions, TradeIX and R3 have developed for Marco Polo a solution for Open Account trade financing powered by TradeIX’s TIX platform and R3’s Corda Blockchain technology.”
According to Commercial Bank the Marco Polo Network offers its members access to innovative risk mitigations solutions such as receivables discounting, and aims at making trade finance more transparent, smarter and better-connected and is championed by new technology providers TradeIX and R3.
Marco Polo enables end-to-end, real-time, seamless connectivity between trade participants.
“Facilitating open account trade is an important part of our Award Winning Trade Finance Services. Commercial Bank has been working closely with customers in their domestic and international trade in a secure, safe and cost effective manner,” said Raju Budhiraju, Commercial Bank executive general manager (EGM) and head of Wholesale Banking.
Dr Leonie Lethbridge, executive general manager and chief operating officer, said: “We at Commercial Bank are always looking for innovative ways to serve our customers and to bring them latest technologies. Our participation in Marco Polo’s global trial comes to second our commitment towards innovation and customer service.”
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