The Marco Polo network announced that The Bank of New York Mellon (BNY Mellon) joined its blockchain trade finance platform. US-based BNY Mellon is one of the world’s largest custody banks and had $362.9 billion in assets as of 2018.
We also noted that two other banks quietly appeared on the long list of Marco Polo members: Japan’s MUFG and Credit Agricole.
Started in 2017, the Marco Polo network leverages blockchain to solve many of the issues related to trade finance. It is working to replace paper-based processes to reduce transaction time and cost and bring transparency to all trade participants.
“We recognize tremendous potential to harness digital, data and advanced technology capabilities to transform essential trade finance processes to make them more efficient and secure,” said Joon Kim, Global Head of Trade Finance at BNY Mellon.
Marco Polo has a strong presence in Europe, Asia and the Middle East. BNY Mellon joins the platform as the second US bank after Bank of America. “We are accelerating the network’s growth and reach while our members are preparing and running programs with their corporate clients,” said Daniel Cotti, Managing Director, Centre of Excellence, Banking & Trade at TradeIX.
Meanwhile, the Marco Polo network is currently live, though no clients are in production as yet. Many participants such as Alfa-Bank, Commerzbank and LBBW have carried out pilot projects on the platform.