Following an evaluation period in 2019, Crédit Agricole CIB has announced that it is entering a pilot phase on the Marco Polo, the trade and working capital finance network.
The Marco Polo Network is designed to bring next-generation trade and working capital finance solutions to its members, powered by open application programming interfaces (APIs) and blockchain technology on an interoperable business network. It enables end-to-end, real-time, seamless connectivity between trade participants, eliminating data silos, which prevent free flow of information causing inefficiencies and discrepancies.
It is delivered via the Marco Polo Platform, an open platform providing applications, technology tools and core infrastructure for the trade finance ecosystem, and underpinned by Corda, an enterprise grade blockchain platform designed from the ground up for businesses operating in complex and highly-regulated markets.
By developing a suite of highly-customisable applications, including APIs and ERP-embedded apps, Marco Polo provides banks and corporate customers with a strong collaboration network. In addition, Marco Polo gives access to a broader ecosystem of working capital and trade finance participants such as insurers, logistics providers, non-banks, and B2B networks providers as well as connectivity with other trade networks.
“At Crédit Agricole CIB, we’re committed to offering our customers optimum trade and working capital finance solutions,” said Laurent Chenain, global head of International Trade & Transaction Banking at Crédit Agricole CIB. “Thus, we’re very pleased about this great opportunity with Marco Polo. It is an innovative network that brings together corporates, financial institutions, supply chain stakeholders and software providers, to build the future of international trade and transaction banking.”
“Today, we have the resources and technology to transform the way banks serve their trade finance customers and enable easier access to credit while minimising risk and increasing transparency,” commented Daniel Cotti, managing director, Center of Excellence, Banking & Trade at TradeIX & the Marco Polo Network. “The Marco Polo Network has embarked on an extremely exciting journey and we’re delighted to confirm our relationship with Crédit Agricole CIB in this pilot phase.”
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