Credit Agricole to explore new frontiers in blockchain with Marco Polo trial

Source: Credit Agricole

Following an evaluation period in 2019, Crédit Agricole CIB has announced that it is entering a pilot phase on the Marco Polo Network, one of the largest and fastest growing trade and working capital finance networks in the world, focusing on bringing significant efficiencies in trade, receivables and supply chain financing.

The Marco Polo Network provides 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-customizable 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.

Laurent Chenain, Global Head of International Trade & Transaction Banking at Crédit Agricole CIB

“At Crédit Agricole CIB, we’re committed to offering our customers optimum trade and working capital finance solutions. 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”.

Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade at TradeIX & the Marco Polo Network

“Today, we have the resources and technology to transform the way banks serve their trade finance customers and enable easier access to credit while minimizing risk and increasing transparency.

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”.

Cathy Minter, Chief Revenue Officer of R3

“Marco Polo’s global network will facilitate greater transparency and efficiency in cross-border trade. We are pleased to see Crédit Agricole CIB progressing in the initiative and their involvement is another sign of Marco Polo’s continued momentum in developing trade finance solutions worldwide”.

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