Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
E-invoicing, SCF & E-procurement

Bangkok Bank, Commerzbank run trade transaction on Marco Polo network

Thursday 30 May 2019 | 01:59 PM CET

Marco Polo members Bangkok Bank and Commerzbank have jointly executed an international trade transaction using distributed ledger technology (DLT).

German specialty glass manufacturer Schott and Thai packaging manufacturer A.P.A. Industries participated in the capacity of exporter and importer, respectively. The transaction involved supply of glass tubes from Schott to A.P.A. Industries. The order and delivery data were agreed between the companies via the Marco Polo network and payment was secured by a conditional payment commitment from Bangkok Bank, the buyer's bank.

According to the official release, the entire flow of information was mapped via R3’s Corda DLT platform in an efficient and comprehensible manner. Through specially set up digital nodes, all the four involved parties were able to communicate and view trading data simultaneously.

Launched in 2017, Marco Polo, which counts over 20 banks from across the globe as its members, leverages R3’s Corda blockchain technology and the TradeIX distributed trade finance platform to enable members to offer to their customers new solutions, facilitate easier integration and significantly reduce response-time in transactions.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement