Blockchain-network grows by country banks – Helaba and BayernLB, Marco Polo joined

the The Landesbanken, the länder of Hessen, Thuringia and Bavaria, Helaba & BayernLB, as well as an umbrella organisation of the savings banks Finance group's service partners will announce this week their accession to the Blockchain network Marco Polo. The trading platform offers digital solutions for the financing of cross-border supply chains in international trade. The country banks want to test the technology solutions now, first in pilot projects.

By David Barkhausen
26. April 2019BTC$5.273,00 -3.21%part Facebook Twitter LinkedIn xing mail

Blockchain solutions flows for the financing of global trade is becoming more popular, as the technologies promise not only a streamlining of complex administrative processes. In addition, you need to make international business transactions more transparent and thus safer.

the state banks of Bavaria, Hesse and Thuringia, the knowledge, in turn, a variety of export-oriented medium-sized to global enterprises among their customers, want to use this potential now.

As Helaba and BayernLB, together with a S service partner, an umbrella organisation of the savings banks Finance group, this Thursday, the 25. April, in a press release to announce that they are the youngest members of the Blockchain network, Marco Polo. This develops digital solutions for the financing of international trade along global supply chains.

The Blockchain-a platform of Marco Polo at the end of banks and companies linked participants to one another. The network provides payment solutions as well as digital access to suppliers, insurance companies or logistics providers. This offer want to open up the banks to their customers:

participation in The Marco Polo network is a significant expansion of our digital solutions portfolio, which our customers benefit. Trade Finance can be handled safely and transparently, and Marco Polo increased the efficiency for all parties Involved [...]. This means that our export-oriented customers a real added value,

Florian Seitz, head of the Department of Trade & Export Finance at BayernLB, the Motivation of the three banking organizations describes behind the candidate. As it says in the press release, want to test the country's banks, the technology solutions are now first in pilot projects.

Marco Polo network is growing

With their accession this week, the credit institutions are in this country, however, is not alone. In November last year, had connected with the Landesbank Baden-Württemberg LBBW is the largest Central institution of the German savings banks, the founding members of the young Marco Polo network.

This was only in 2017 of the technology company TradeIX in cooperation with a number of large international banks. Since then, the network uses the Distributed Ledger technology Corda from the house of the Fintech consortium, R3 is growing steadily. So, the company is today, to be the world's largest consortium in the financial sector. Its members include also Dankse Bank or Commerzbank in addition to BNP Paribas or ING.

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