R3 takes the Marco Polo platform in the pilot stage

The international blockchain-a consortium of R3 and the group of large banks transferred the project financial platform Marco Polo at the pilot stage.

According to R3, the test phase of the project, which was launched in September last year in cooperation with BNP, Commerzbank and ING, proved to be very successful. The creators of the project believe that this year he will continue to develop and attract new banks and companies, in particular insurance and logistics.

The Marco Polo project is designed to create «fully interoperable» financial network open source-based blockchain R3 Corda and platform TIX. In line with this, we consider three trade Finance: risk mitigation, financing accounts payable and accounts receivable financing.

«The test ING performed in the framework of the proof of concept allowed us to see the value this solution can offer in three separate areas of trade Finance. The technology works quickly and without failures. Positive results showed us that we are on the right track and ready to take the next step – to proceed in a pilot project,» – said the head of innovation at ING Wholesale Banking Aivar virsma.

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