The Banco Bradesco, one of Brazil’s largest banks, has become the latest financial institution to join R3’s Corda enterprise blockchain technology on the Marco Polo network for trade finance.
According to a press release quoted by Cointelegraph, this network will be implementing Corda’s blockchain technology on the TradeIX distributed trade finance platform, translating to lower costs, faster times as well as more transparency compared to the conventional structure of trade finance for commercial banks. It names tech solutions aimed at innovating working capital finance such as APIs and ERP embedded applications
Banco Bradesco reputedly has total assets worth over USD 338 billion and a market capitalization of over USD 49 billion. It now joins other global banks on the network which counts such names as ING, BNP Paribas, Standard Chartered and Sumitomo Mitsui Banking Corporation.
These banks will be experimenting and sharing experience, but are expected to develop their own differentiating solutions on the distributed platforms.
Marco Polo Network MD at its Center of Excellence, Banking and Trade, Daniel Cotti, noted that it was the absence of connectivity that hampered current trade processes, inciting the need for blockchain-based networks. He said that the onboarding of Banco Bradesco was a milestone for Marco Polo, being its pilot in Latin America.
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