Commercial Bank participated in the first Blockchain Open Account Trade Finance Trial on the Marco Polo Platform, the biggest trial to date on the R3 Corda Network.
Open Account Trade is considered the propeller of today’s economy with increasing confidence between parties. Bank finance to open account trade involves cumbersome verification and validation of documents such as invoices, shipping documents, insurance etc. Solutions like Marco Polo bring in the advantages of state-of-the-art technology and platform to facilitate trade finance in a reliable and fast environment, all in one place.
Together with some of the world’s leading financial institutions, TradeIX and R3 have developed for Marco Polo a solution for Open Account trade financing powered by TradeIX’s TIX platform and R3’s Corda Blockchain technology.
The Marco Polo Network offers members access to innovative risk mitigations solutions such as receivables discounting, and aims to make trade finance more transparent, smarter and better connected. It is championed by new technology providers TradeIX and R3. Marco Polo enables end-to-end, real-time seamless connectivity between trade participants.
According to Raju Budhiraju, EGM and Head Wholesale Banking, facilitating open account trade is an important part of their Award Winning Trade Finance Services. He said that Commercial Bank has been working closely with customers in their domestic and international trade in a secure, safe and cost effective manner.
Dr Leonie Lethbridge – EGM, Chief Operating Officer added that their participation in Marco Polo’s global trial comes as part of their commitment towards innovation and customer service.
For updates and more information about Commercial Bank, visit their website at cbq.qa.