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National Australian Bank the First Australian Bank Onboard Marco Polo Network

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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.

Blockchain Technology

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 real time.

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.

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