Bank of America to leverage R3’s Corda-distributed technology to cope with technological, financial challenges

With market trends changing at a rapid rate, the Bank of America [BoA] has announced that it will work with Marco Polo Network to get its hands on transformative solutions for users across the globe. In order to bridge existing gaps between trade and supply chain financial solutions, BoA will leverage R3’s Corda-distributed ledger technology. R3, one of Ripple’s partners, was in the news a while back after its CEO David Rutter said that the Marco Polo network was a milestone.

This update was shared by Geoff Brady, Head of Global Trade & Supply Chain Finance in Global Transaction Services at Bank of America, who stated,

“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”

R3’s David Rutter welcomed the development too, with the CEO stating,

“The Marco Polo Network’s existing roster of banks is further strengthened by welcoming Bank of America – one of the most prominent and innovative players in the financial services space. We hope that Bank of America’s place in the network will encourage more to join us in transforming trade finance through technology.”

It is important to note that the Marco Polo Network operates on the first distributed trading finance platform that is powered by blockchain technology. With this, the network aims to delivers innovative risk preventive solutions to its users for an effective and efficient trading experience.

The aim behind this collaboration is to build a transparent, smarter and better financial trading ecosystem for users. Marco Polo Network already boasts a list of heavyweight clients such as BNP Paribas, Anglo-Gulf Trade Bank, Standard Chartered Bank, Danske Bank, Raiffeisen Bank International and National Bank of Fujairah around the globe.