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E-invoicing, SCF & E-procurement

Marco Polo welcomes BayernLB, Helaba, S-Servicepartner as new members

Tuesday 30 April 2019 | 11:07 AM CET

Germany-based banks BayernLB, Helaba, and S-Servicepartner have joined the Marco Polo trade finance network for piloting and evaluating purposes.

Helaba Bank already offers its customers a wide range of working capital financing solutions. For Helaba, going forward the Marco Polo platform will enable the company to connect much more efficiently with their customers, investors and important service providers such as ‎credit insurers. The platform, based on Corda blockchain technology, therefore offers an environment for optimising and further expanding their product portfolio in order to provide secure solutions with less administrative effort on both sides, Helaba representatives have stated

Marco Polo is a joint initiative bringing together R3, TradeIX and 20 leading financial institutions based in Europe, North and South America, Middle East, and Asia Pacific. Their mission is to provide and grow the first distributed trade finance network, allowing banks to offer access to open account, traditional and structured trade finance solutions to their corporate clients in a more efficient, transparent and connected way. R3’s Corda blockchain technology was developed with enterprise privacy and connectivity requirements in mind, and therefore suited for financial transactions.

The Marco Polo Network has also recently released the first working capital finance app embedded into the ERP system. Launched earlier in April 2019 on Oracle Netsuite, the Marco Polo ERP app allows companies to access and manage trade finance programs and working capital solutions directly from within their ERP system.

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