0 C
New York
23/03/2019
BlockChain News

Alfa-Bank and the Marco Polo Network join to Optimize Trade Finance with Blockchain technology

Alfa-Bank today announced that it joined the Marco Polo Network, the largest and fastest growing trade finance network leveraging Corda Blockchain technology.

advertisementToken Agency

According to Dina Merkulova, Head of Trade Finance of Alfa-Bank, the merge is about to bring significant efficiencies in financing trade and working capital: “In line with our objective to offer to our clients the best trade and supply chain finance services, we are looking to leverage the newest technology, including open APIs and distributed ledger technology (DLT), to deliver end-to-end solutions, better customer experience and optimize international supply chain transactions”.

“The Marco Polo Network is the most advanced and forward-looking trade finance and blockchain technology consortium which makes it the best partner to succeed,” she added.

Alfa-Bank is one of the largest commercial banks in Russia in terms of total assets, total equity, and loan portfolio. Headquartered in Moscow, it operates in seven countries, providing financial services to over 380 thousand active corporate customers

Marco Polo offers a state-of-the-art trade finance platform for global working capital needs delivering risk mitigation solutions around payment commitments, receivables financing and factoring solutions. The platform is powered by R3, an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries, using Corda blockchain technology and open Application Programming Interfaces (APIs) purpose-built for the global trade ecosystem.

It allows banks to easily integrate into trade orchestrations bringing in ERP, procure to pay, logistics, payment, and insurance data real-time into the transactions.

Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade for the Marco Polo Network mentioned that there are exciting times ahead for Marco Polo. “The network is growing at an accelerating pace and benefits from the vision and wealth of expertise brought by the leading institutions joining the consortium”.

Cotti is delighted to welcome Alfa-Bank as one of the major Russian banks, which he calls a key financial institution in Europe further expanding the reach of Marco Polo’s network.

David E. Rutter, CEO of R3 said: “The trade finance infrastructure that institutions rely on to do business are in need of an upgrade. By utilizing cutting-edge blockchain technology, the Marco Polo initiative will improve efficiency and transparency while offering Alfa-Bank access to a wide range of trade finance solutions.”

Wieke Beenen
  • Zilliqa joins Student Organisation at King’s College London to Launch Blockchain A-Z Workshops – March 9, 2019
  • Alfa-Bank and the Marco Polo Network join to Optimize Trade Finance with Blockchain technology – March 7, 2019
  • Insolar Launches Testnet 1.1 making it the most Scalable Enterprise Blockchain Platform – March 6, 2019
  • New Decentralized Social Network Platform Creary rewards Creatives and curators for sharing Digital Art – March 6, 2019
  • Tide protocol launches Open Source Data Marketplace to Make Privacy Profitable – March 5, 2019
  • Unbanked People Worldwide could Benefit from the Integration between Paxful and Bitmart Exchange – March 5, 2019
  • Kepler Finance Releases Comprehensive Report On What Lies Ahead For the Security Token Market in 2019 – March 5, 2019
  • Switcheo is Introducing its OTC Platform for Secure Peer-to-Peer Digital Token Trade – March 1, 2019
  • Electroneum Launches Affordable Smartphone M1 Which Earns users Cryptocurrency Through App – February 25, 2019
  • Nebulas could be the Future of Improving The Efficiency of Blockchain Upgrades – February 22, 2019
  • ‘Decent’, a Documentary on how Blockchain can Change the World – February 22, 2019
  • Blockchain in healthcare market is Expected to Reach $890.5 Million by 2023 due to Increasing Number of Partnerships and Collaborations – February 12, 2019
  • Coinify Introduces myCoinify, a B2C service For Individual Traders – February 12, 2019
  • Yosemite X has Announced the First Open Source Public Blockchain that Operates without a Native Cryptocurrency – February 8, 2019
  • Global Investment Advisory Company says much more Stable STO might merge with, or Entirely Replace IPO – February 8, 2019
  • The Chamber of Digital Commerce and Blockchain Association of Canada Join for a Stronger and more Coordinated Blockchain Ecosystem – February 6, 2019
  • US Merchants can now Accept Crypytocurrency Payments from their Customers, With Fee Free Cryptocurrency Point of Sale Payment Ecosystem – February 6, 2019
  • Former Last.fm’s founder shakes up user privacy access with new Slant on blockchain technology – January 31, 2019
  • New Report by BlockchainDefender Links Lack of Trust in Cryptocurrency Industry to Dwindling Coin Prices – January 31, 2019
  • VX Network introduces a new Crypto Based, Monopoly-Style Board Game called Crypto Marble – January 30, 2019

View All Articles

loading...

Related posts

Fetch.AI To Launch Token Sale on Binance Launchpad to Build Intelligent Machine-to-Machine Economy

Jenny

Blockchain Company WePower Announces Plans to Tokenize Estonian Power Grid

Jenny

Open Source, Enterprise-Grade Blockchain Platform Insolar Launches Testnet

Jenny