BNY Mellon has joined a consortium working to introduce blockchain technology into international trade finance and digitize how working capital is provided to both suppliers and buyers across the globe.
Through its participation in the Marco Polo Network, BNY Mellon is now able to more efficiently insert liquidity into the international supply chain, providing supply chain finance solutions including both payables financing and receivables discounting to suppliers shipping goods and services to their buyers around the world.
The Marco Polo Network is a consortium of approximately 45 banks that provides an open software platform for trade, payments and working capital financing to banks, corporates and other market participants. It is a cloud-based blockchain-powered network that allows the seamless, secure and fast exchange of trade data assets in a multi-channel environment.
Utilizing Marco Polo, BNY Mellon will not only provide financing to suppliers, but will also have real-time visibility into trade finance instruments and their status, such as purchase orders and invoices.
By PRNewswire.