Danske Bank joins trade finance network Marco Polo

Source: Danske Bank

Danske Bank has joined the Marco Polo Network, the largest network of commercial banks in the trade finance market.

The Marco Polo Network is a bank-focused network of platforms, combining the Corda blockchain technology from R3 with the open API driven platform from TradeIX.

By participating in the Marco Polo Network together with a growing number of banks in- and outside the Nordics, Danske Bank can contribute to the initiative and develop the required API driven bank services to the network.

Corporate clients are increasingly demanding financial solutions to optimise their working capital and are thereby setting high standards to automated processes and digitisation.

“In Transaction Banking we want to make our customers’ corporate day easier and we believe that Marco Polo has the correct approach and priorities for when it comes to building a Network of financial services to optimize our corporates’ working capital.”

- Søren Haugaard, Global Head of Trade, Supply Chain and Export Finance at Transaction Banking

The Marco Polo Network aims to have its first solution to banks and corporate customers ready by Q1 2019 and is thereby a front-runner in the industry that leverages on new technologies and open API (Application Programming Interface) driven applications. This first solution includes working capital optimisation flows between corporate clients and banks, such as the financing of corporate issued invoices by banks.

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.

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