According to a recent announcement, the Standard Bank of South Africa has joined the Marco Polo Network, the largest and fastest-growing trade finance network.
Standard Bank will participate in the development of this major trade finance undertaking alongside leading financial institutions such as BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bayern LB, Helaba, S-Servicepartner, RBI, and Bradesco.
The Marco Polo Network is based on distributed ledger technology and is incorporated with TradeIX and R3’s Corda blockchain technology which leverage the user a rapid and secure way to access working capital and efficient solution to provide trade finance thus providing a efficient solution to critical trade finance challenges like lack of connectivity, time-consuming processes and high onboarding costs.
The network comes with an Application Program Interface (APIs) and a Corporates Enterprise Resource Planning (ERP) working capital and trade finance applications which will be integrated with the bank’s internal system. R3’s distributed ledger technology enables all parties to share information across the network securely and in real-time.
Corda distributed ledger technology guarantees traceability, consensus between parties, and the immutability of shared records. It is the most-suited platform for the banking community to truly enhance their trade finance products.
About Standard Bank Group
Standard Bank Group is the largest African bank by assets with branches across 20 African countries. Headquartered in Johannesburg, South Africa, the bank is also listed on the Johannesburg Stock Exchange. It has a market capitalization of R289 billion (USD20 billion) as of 31 December 2018. It has a 156-year history in South Africa and started spreading its footprints outside southern Africa in the early 1990s. The group has more than 53,000 employees, approximately 1,200 branches and over 9,000 ATMs on the African continent.
TradeIX is headquartered in Dublin with offices in London, Kettering, and Singapore. It provides an ERP-embedded application and an innovative technology platform which facilitate the flow of goods, money, and credit in the $8 trillion trade finance market. The TradeIX Platform is integrated with the Marco Polo Network, the world’s fastest-growing trade finance network. The company has business clients like ING, BNP Paribas, DHL, AIG, Oracle, and many other Fortune 500 companies.