Danske Bank joins Marco Polo Network
22 October 2018 (Copenhagen/New York/London) – Danske Bank has today announced that it has joined the Marco Polo Network, the fastest growing trade and working capital finance network in the world.
The Marco Polo Network is a bank focused network of platforms offering ERP-embedded Working Capital Finance Apps to their corporate clients giving access to multiple different working capital finance solutions directly from within the corporate’s ERP system.
The Marco Polo network leverages the TradeIX Platform, open APIs as well as the Corda blockchain platform from R3 that enables banks to offer better customer experience and seamless data integration, while reducing costs, time and risks.
By joining the Marco Polo Network, Danske Banks joins BNP Paribas, Commerzbank, ING, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, DNB, and OP Financial Group as a member that has become the largest network of commercial banks in the trade finance market.
Søren Haugaard, senior vice president at Danske Bank, said: “We are excited to be a member of the Marco Polo Network and further grow its geographical coverage into the Nordic region. We are convinced that our clients are benefiting from this innovative trade finance solution with better customer experience and more options to finance their working capital.”
In the current broad landscape of blockchain technology based initiatives in trade finance, the Marco Polo Network stands out in terms of its members, execution strategy, and enhanced customer experience.
As a result of the ERP-embedded Working Capital offering, the Marco Polo Network enables increased origination of clients and transactions to grow existing and build new revenue streams.
“The Marco Polo project is harnessing blockchain to bring much needed efficacy, speed and improved customer experience to the world of working capital finance. Welcoming Danske Bank to the network will allow Marco Polo to extend its geographical reach and further solidify its position as one of the leading out blockchain projects in the trade finance space.” said David E. Rutter, CEO of R3.
“We welcome Danske Bank as new member extending the Marco Polo Network with one of the leading banks in Europe. With the Marco Polo Network, we leverage blockchain technology, open APIs and ERP-embedded apps for the banks and their corporate clients around the world with no limitation in terms of size or geography – the best way to achieve this is through global collaboration between the leading financial institutions, their clients and technology providers,” said Robert Barnes, CEO of TradeIX.
About Danske Bank
Danske Bank is a Nordic bank with strong local roots and bridges to the rest of the world. For more than 145 years, we have helped people and businesses in the Nordics realise their ambitions. Today, we serve personal, business and institutional customers and in addition to banking services, we offer life insurance and pension, mortgage credit, wealth management, real estate and leasing services.
We aim to create long-term value for all our stakeholders – our customers, shareholders and the societies we are part of – and our vision is to be recognised as the most trusted financial partner by making important financial decisions and daily banking easy.
Danske Bank is headquartered in Copenhagen and is listed on Nasdaq Copenhagen.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. www.r3.com
TradeIX, is an award-winning technology platform provider driving innovation and driving change in facilitating the flow of goods, money, and credit in the $8 trillion trade finance market. Its TradeIX Platform is delivered to banks and their corporate clients via ERP-embedded applications. The TradeIX Platform is integrated with the Marco Polo Network, the world’s fastest growing trade finance network.
Some of the smartest financial institutions and companies in the world work with TradeIX, including ING, BNP Paribas, DHL, AIG, Oracle, and many other Fortune 500 companies from various industries. TradeIX is headquartered in Dublin with offices in London, Kettering and Singapore. For more information visit: www.tradeix.com.