Japan Sumitomo Mitsui Bank Concludes PoC Test of R3 Developed Marco Polo

Japan Sumitomo Mitsui Bank Concludes PoC Test of R3 Developed Marco Polo

Sumitomo Mitsui Banking Corporation (SMBC) together with Mitsui & Co., Ltd. accomplished a proof-of-concept trial on ‘Marco Polo’, a blockchain platform for trade finance built by R3 LLC

Japanese multinational bank and the second largest bank in the country, the Sumitomo Mitsui Bank, published a news release announcing the completion of the R3 platform trial. SMBC, the only Japan-based bank partaking in the Marco Polo trial, partnered with Mitsui & Co., Japan’s leading sogo shosha, to augment the efficiency of its trade operations.

The PoC carried out between the two entities ‘aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment (Payment Undertaking),’ the release reads.

After verifying the PoC, SMBC ‘expects to commercialize’ R3’s trade finance platform, Marco Polo, within the fiscal year’s first half.

Marco Polo and Corda

Marco Polo was set into motion last 2017. It is the fruit of a joint effort by blockchain consortium R3 and DLT-powered Irish company TradeIX. It has the capability to ‘accommodate additional modules’ for ease of access and paperless, instantaneous connectivity.

15 R3 consortium member banks are participating in the Marco Polo trial. Among the banks are BNP Paribas, ING., Bangkok Bank, and NatWest.

Last month, Gottfried Leibbrandt, Chief Operating Officer of SWIFT, revealed the plan to integrate R3’s Corda with SWIFT. SWIFT is testing the platform for PoC GPI Link. The Corda Network, which began in 2015, counts more than 300 financial institutions as its members.

Related news

Infosys Finacle and R3 complete trial of blockchain based trade finance application

Infosys Finacle and R3 complete trial of blockchain based trade finance application - CryptoNinjas Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, today announced the successful completion of a global blockchain trial in partnership with R3, the enterprise blockchain software company. Eighteen banking groups joined the test network of Finacle Trade Connect – a blockchain based trade finance application, available on R3’s Corda platform. By […] Infosys Finacle and R3 complete trial of blockchain based trade finance application - CryptoNinjas
CryptoNinjas

R3 and Infosys Wrap up Global Trial of Blockchain Based Trade Finance

The post R3 and Infosys Wrap up Global Trial of Blockchain Based Trade Finance written by Richard Kastelein appeared first on Blockchain News - Blockchain News and Opinion - Tokenomics, Cryptoeconomics Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys has completed a global five week blockchain trial in partnership with R3. Stephen Obasi, Group Head, Head Office Operations, Fidelity Bank, said:  “This is an audacious step by Infosys to simplify and revolutionize global trade finance practice using Blockchain technology. During the trial, […] The post R3 and Infosys Wrap up Global Trial of Blockchain Based Trade Finance written by Richard Kastelein appeared first on Blockchain News - Blockchain News and Opinion - Tokenomics, Cryptoeconomics
Blockchain News

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.