BNY Mellon Joins Marco Polo Trade Finance Consortium

News Publisher   Nov 25, 2019 16:00

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This article is contributed by our content partner, Nexchange NOW.

The Bank of New York Mellon, which boasts nearly $2 trillion under management, is the 28th bank to join the Marco Polo trade finance consortium.

And according to CoinDesk, the bank is quite eager to go “live:”

The $373-billion asset bank is evaluating Marco Polo’s technology with the intention of onboarding clients if the network’s capabilities fit clients’ interests, said Joon Kim, global head of trade finance at BNY Mellon.

“Our hope is that the business requirements of our clients will meet with what Marco Polo has to offer, and our intention is to move into live production A-S-A-P,” Kim said, meaning “as soon as possible.”

Kim did not reveal how many institutions receive trade services from the bank but did say that his company works with 1,400 financial firms in total.

He also revealed that BNY Mellon chose Marco Polo due to its success in open account financing – which makes up roughly 85% of all trade finance – and its ease of use for large corporates.

Voltron, he said, didn’t suit the bank as it focuses on letters of credit, while we.Trade primarily works with small-to medium-enterprises.

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