Bank of America has become the newest member of the R3’s Corda-powered Marco Polo Network, with a goal to resolve trade finance-related problems.
Disclosed by Marco Polo on September 19, the major US-based bank decided to become a member of the network, in an attempt to make international trade more efficient, along with enhancing the quality of services for better customers’ experience.
“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.” Geoff Brady, head of global trade at Bank of America, further added.
Daniel Cotti, managing director for the Marco Polo Network, commented regarding the announcement. Cotti claimed to be excited to do business with Bank of America, to deal with major obstacles in the industry.
Previously, Marco Polo has welcomed 3 new organizations and put them through piloting and evaluating process, including financial services firm BayernLB, Frankfurt-based bank Helaba and back office service provider S-Servicepartner.