According to the latest reports on Oct. 11, 2021, BNY Mellon has joined a consortium operating to bring blockchain technology into global trade finance and digitize the facilitation of working capital to both exporters and importers across the world.
The participation with the Marco Polo network allows BNY Mellon to incorporate liquidity into the global supply chain more effectively, giving supply chain finance solutions including both payables financing and receivables discounting to exporters engaging in shipping goods & services to their importers across the world. But BNY Mellon is not the only one to consider Marco Polo’s blockchain network. A few months ago, in July, 2021, the digital trade finance network Contour adops Marco Polo for open account trade finance.
The Marco Polo Network is a group of around 45 banks that enables banks, corporates, and other market members to leverage an open software platform for trade, payments, and working capital funding requirements. It is a cloud-based blockchain-controlled network that enables the smooth, uninterrupted, and quicker exchange of trade data assets in a multi-channel environment.
Using the Marco Polo network will enable BNY Mellon to not only provide funding to exporters but will also have real-time transparency into trade finance instruments and their statuses, such as purchase orders and invoices.
