Danske Bank has today announced that it has joined the Marco Polo Network, the fastest growing trade and working capital finance network in the world.
The Marco Polo Network is a bank focused network of platforms offering ERP-embedded Working Capital Finance Apps to their corporate clients giving access to multiple different working capital finance solutions directly from within the corporate’s ERP system.
The Marco Polo network leverages the TradeIX Platform, open APIs as well as the Corda blockchain platform from R3 that enables banks to offer better customer experience and seamless data integration, while reducing costs, time and risks.
By joining the Marco Polo Network, Danske Banks joins BNP Paribas, Commerzbank, ING, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, DNB, and OP Financial Group as a member that has become the largest network of commercial banks in the trade finance market.
Søren Haugaard, senior vice president at Danske Bank, said: “We are excited to be a member of the Marco Polo Network and further grow its geographical coverage into the Nordic region. We are convinced that our clients are benefiting from this innovative trade finance solution with better customer experience and more options to finance their working capital.”
In the current broad landscape of blockchain technology based initiatives in trade finance, the Marco Polo Network stands out in terms of its members, execution strategy, and enhanced customer experience. As a result of the ERP-embedded Working Capital offering, the Marco Polo Network enables increased origination of clients and transactions to grow existing and build new revenue streams.
“The Marco Polo project is harnessing blockchain to bring much needed efficacy, speed and improved customer experience to the world of working capital finance. Welcoming Danske Bank to the network will allow Marco Polo to extend its geographical reach and further solidify its position as one of the leading out blockchain projects in the trade finance space.” said David E. Rutter, CEO of R3.
“We welcome Danske Bank as new member extending the Marco Polo Network with one of the leading banks in Europe. With the Marco Polo Network, we leverage blockchain technology, open APIs and ERP-embedded apps for the banks and their corporate clients around the world with no limitation in terms of size or geography – the best way to achieve this is through global collaboration between the leading financial institutions, their clients and technology providers,” said Robert Barnes, CEO of TradeIX.