BNY Mellon Joins the Marco Polo Network to Develop a More Open and Connected Trade Finance Network
The Marco Polo Network announced a new strategic partnership with the Bank of New York Mellon (BNY Mellon) to create a vast financial atmosphere that will ensure economic as well as trade growth, making BNY Mellon a member of the top network of financial institutions which leverages blockchain technology for trade finance. Some of these financial institutions include; Bank of America, National Bank of Fujairah PJSC, Anglo-Gulf Trade Bank, National Australia Bank, Standard Chartered Bank, Anglo-Gulf Trade Bank, etc.
Marco Polo Network, as a consortium of TradeIX and R3, the blockchain technology firms, financial institutions, and their corporate clients, and service providers work to make international trade more efficient.
Joon Kim, Global Head of Trade Finance at BNY Mellon, said: "Collaborating with Marco Polo members is one more measure of our commitment to provide innovative opportunities to improve the client experience throughout the transaction lifecycle."
Kim noted that the company recognized the need to tap the potentials of blockchain technology for rendering efficient and secure trade finance services.
“We recognize the tremendous potential to harness digital, data, and advanced technology capabilities to transform essential trade finance processes to make them more efficient and secure. To achieve our goals, we seek to work with forward-looking organizations, like the Marco Polo Network, that are harnessing digital to truly transform industries,” he added.
Image via Shutterstock