National Australian Bank (NAB) has become the first Australian banking partner of trade finance network Marco Polo Network.
Launched in 2017, the Marco Polo Network provides an open enterprise software platform for trade and working capital finance to banks and corporates and a distributed, blockchain-powered solution that allows for the seamless and secure exchange of data and assets between participants.
Powered by the distributed platform from TradeIX and R3’s Corda blockchain technology The Network’s focused on bringing unprecedented efficiencies to trade finance. Marco Polo differentiates itself from some of the other blockchain trade finance networks because of its integration with enterprise ERP systems, bringing trade finance options to the fingertips of a corporate treasurer.
Marco Polo Network also capitalises on its collaborative co-creation model
to bring increasing value for all member institutions. The network leverages
Application Program Interface (APIs) and offers Corporates Enterprise Resource
Planning (ERP) embedded working capital and trade finance applications to
significantly streamline communication with their bank relationships and
integration with existing internal systems. R3’s distributed ledger technology
enables all parties to share information across the network securely and in
The project has announced numerous member additions in recent months including Bank of America and Mastercard.
“There are currently over 25 banks in the Marco Polo Network and we are
achieving great momentum in broadening our global footprint; … with NAB onboard
as the first Australian partner, we are a step closer to our goal of making
trade and working capital finance smarter, more transparent, and better
connected for our members.”
– TradeIX Chief Revenue Officer, Tawfique Hamid.