According to Dina Merkulova, Head of Trade Finance of Alfa-Bank, the merge is about to bring significant efficiencies in financing trade and working capital: “In line with our objective to offer to our clients the best trade and supply chain finance services, we are looking to leverage the newest technology, including open APIs and distributed ledger technology (DLT), to deliver end-to-end solutions, better customer experience and optimize international supply chain transactions”.
“The Marco Polo Network is the most advanced and forward-looking trade finance and blockchain technology consortium which makes it the best partner to succeed,” she added.
Alfa-Bank is one of the largest commercial banks in Russia in terms of total assets, total equity, and loan portfolio. Headquartered in Moscow, it operates in seven countries, providing financial services to over 380 thousand active corporate customers
Marco Polo offers a state-of-the-art trade finance platform for global working capital needs delivering risk mitigation solutions around payment commitments, receivables financing and factoring solutions. The platform is powered by R3, an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries, using Corda blockchain technology and open Application Programming Interfaces (APIs) purpose-built for the global trade ecosystem.
It allows banks to easily integrate into trade orchestrations bringing in ERP, procure to pay, logistics, payment, and insurance data real-time into the transactions.
Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade for the Marco Polo Network mentioned that there are exciting times ahead for Marco Polo. “The network is growing at an accelerating pace and benefits from the vision and wealth of expertise brought by the leading institutions joining the consortium”.
Cotti is delighted to welcome Alfa-Bank as one of the major Russian banks, which he calls a key financial institution in Europe further expanding the reach of Marco Polo’s network.
David E. Rutter, CEO of R3 said: “The trade finance infrastructure that institutions rely on to do business are in need of an upgrade. By utilizing cutting-edge blockchain technology, the Marco Polo initiative will improve efficiency and transparency while offering Alfa-Bank access to a wide range of trade finance solutions.”
- Blockchain-based Entertainment Platform ‘Blue Baikal’ opens Pre-Registration Event Connecting Producers, Influencers and Consumers - March 26, 2019
- French Crypto-Friendly Pacte Law Passes Second Reading in National Assembly, Senate Next - March 25, 2019
- Bamboo Capital Partners, Government of Togo and Moeda Seeds Bank Join to Launch the Bloc fund to Consolidate Social Development - March 25, 2019
- Western Union Joins Stellar Partner Thunes to Use Blockchain to Speed Up Transfers - March 25, 2019
- Dragonchain Announces Partnership with Humanitarian Organization M2030, Facilitating Donation Processes with Blockchain to Fight Malaria - March 21, 2019
- PUBLIQ Named Finalist by UK Parliamentary Group for Blockchain Application in Media Category - March 20, 2019
- FashionTV Leaps into the World of Blockchain by Partnering up with Decentralized E-commerce Platform WAAM - March 20, 2019
- Kudelski Security Announces Partnership with Hosho To Secure Blockchain Ecosystems - March 19, 2019
- Blockchain Goes Hollywood is Expected to Attract Blockchain and Crypto Experts, Investors and Celebrities to Epic multi-day Event - March 19, 2019
- Blockmason and Bitsonic Announce Token Generation Event for BLINK, Link’s Utility Token - March 15, 2019
- DX Exchange and Perlin Network Bring Tokenized Apple and Facebook Stocks to Empower a vast new Population of Retail Investors on the Blockchain - March 15, 2019
- Forte And Xpring create $100 Million Fund To stimulate Mainstream Use Of Blockchain In Games - March 13, 2019
- Private Jet Instant Booking Platform Announces Security Token Offering (STO) - March 12, 2019
- Samsung SDS is announcing its plans to innovate in various fields with Blockchain and Intelligent Process Automation - March 12, 2019
- The Fourth Global ICO / STO Report tells us ICOs are Growing Less, but Growing Up - March 11, 2019
- Zilliqa joins Student Organisation at King’s College London to Launch Blockchain A-Z Workshops - March 9, 2019
- Alfa-Bank and the Marco Polo Network join to Optimize Trade Finance with Blockchain technology - March 7, 2019
- Insolar Launches Testnet 1.1 making it the most Scalable Enterprise Blockchain Platform - March 6, 2019
- New Decentralized Social Network Platform Creary rewards Creatives and curators for sharing Digital Art - March 6, 2019
- Tide protocol launches Open Source Data Marketplace to Make Privacy Profitable - March 5, 2019