Marco Polo has announced that it completed what can easily be described as the largest blockchain trade finance test. The platform which is powered by R3’s Corda blockchain, completed a test that saw over 70 organizations in 25 different countries and five continents.
It was a trial for Marco Polo’s Receivables financing, a product that “allows companies to optimize their working capital, mitigate credit risk and improve liquidity.” It enables two businesses to sell or buy receivables among each other and receive or make the required payment. The press release specifies that more than 700 funding requests were completed after only one day was used for training on average among the different participants.
As part of the trial, a survey was conducted on finance solutions. The results showed that 100% of all respondents agree that all of their respective industries can be significantly improved using solutions built around trade finance and working capital built on a distributed platform. The survey also shows that 100% of the respondents also believe that receivables financing will be improved and accelerated for financial institutions, using Marco Polo’s platform. 75% said it will happen in 5 years or less. 340 participants were surveyed.
The test involved firms like Commerzbank AG, SBI Holdings, BMW and many more. Commerzbank had previously handled a trade transaction via Marco Polo.
According to Cathy Minter, R3’s Chief Revenue Officer:
“The success of our largest trial to date marks an exciting time for the Marco Polo network. The cross-sector participation we have seen in this trial is [a] testament to the potential blockchain has in transforming trade finance.”
Image Credits: Pixabay
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