Blockchain software program startup R3, commerce finance tech supplier TradeIX and a gaggle of main banks have moved their Marco Polo commerce finance platform to the pilot stage.
The information follows on from what the companies name in a press launch a “successful” proof-of-concept that commenced final September in partnership with BNP, Commerzbank and ING. The venture is ultimately hoped to see additional enlargement this yr, with further banks and third-party service suppliers, together with credit score insurers and enterprise useful resource planning and logistics suppliers, approaching board.
The corporations goal to develop a “fully interoperable” open-source commerce finance community constructed with R3’s distributed ledger know-how (DLT) product Corda and delivered over TradeIX’s open TIX platform. The answer presently addresses three areas of commerce finance: danger mitigation, payables finance and receivables finance, in accordance with a launch.
“The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing. The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot,” stated Ivar Wiersma, head of innovation at ING Wholesale Banking.
Traditional paper processing throughout provide chain processes is a “significant burden” to companies, stated Connie Leung, Microsoft’s senior director and monetary providers enterprise lead, Asia. “The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology,” she stated.
R3 is already working with Microsoft, having already moved to extra deeply combine its Corda platform with the Azure cloud service late final yr.
The expanded partnership, announced in November 2017, noticed the 2 corporations providing “effortless deployment” of Corda and its networks on Azure, easing the method of establishing Corda nodes and networks for enterprises.
International trade picture by way of Shutterstock