Marco Polo is one of the fastest growing trade finance business networks and is a joint undertaking with enterprise software firm R3, trade finance technology firm TradeIX and a network of the world’s largest financial institutions.
Natixis is now part of a growing number of leading banks such as BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Bangkok Bank, SMBC, DNB and OP Financial Group that are part of the Marco Polo initiative to provide a trade and supply chain finance platform built on an interoperable business network powered by open Application Programming Interfaces (APIs) and blockchain technology.
Anne-Cécile Delas, Global Head of Global Transaction Banking at Natixis, said:
“We are delighted to become a member of the Marco Polo network and offer trade and supply chain finance solutions leveraging blockchain technology. This initiative belongs to Natixis’ continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its clients. We look forward to active collaboration with the other key members of the initiative and believe that there will be significant opportunity to synergistically drive the adoption of blockchain and new trade solutions in the trade finance market.”
Based on R3’s Corda blockchain technology, the infrastructure provided by Marco Polo is focusing on open account trade finance orchestrations with data matching, designed to be integrated in new and existing solutions and other trade networks.
The principal focus of the Marco Polo initiative is adding new bank members, offering trade finance solutions to their corporate clients and the opportunity to distribute trade assets and data with other members.
David E. Rutter, CEO of R3, said:
“Blockchain’s potential to transform the trade finance ecosystem has always been clear. With the Marco Polo network on our Corda platform we are moving forward from potential to reality. We are pleased to welcome Natixis on board.”
Daniel Cotti, CFO and Bank Partner Relationships at TradeIX, stated:
“We are very pleased that Natixis has joined the Marco Polo network. This should be a signal that there is broad agreement in this sector that crosses some significant strategic and organizational boundaries about collaboration, leveraging new technologies and to provide standards and best practices in the traditionally fragmented regional trade finance space.”
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 31 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne.
With more than 17,000 employees, Natixis has a number of areas of expertise that are organized into four main business lines: Asset & Wealth Management, Corporate & Investment Banking, Insurance and Specialized Financial Services.
A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks. Figures as at December 31, 2017
R3 is an enterprise software firm working with a network of over 200 financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, its blockchain platform designed specifically for businesses. R3’s global team of over 1840 professionals in 11 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
R3 is backed by investment of USD 107 million from over 40 firms. Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario
TradeIX is rewiring the $8 trillion trade finance market with the TIX Platform, an open platform providing applications, technology tools, and core infrastructure for the trade finance ecosystem. The TIX Platform enables trade finance parties to more easily, flexibly and efficiently connect to the broader trade finance market, including suppliers, buyers, service providers, B2B networks, credit underwriters and financial institutions.
The platform provides benefits to all trade finance parties through enhanced funding opportunities, lower cost and reduced risk.