The Bank of New York Mellon (BNY Mellon) is now officially a part of the Marco Polo Network, a Blockchain software firm 3r’s trade finance system.
According to a statement released by the Marco Polo Network dated back to November 25, the American banking and financial organization BNY Mellon will carry out an assessment program using the Blockchain software firm’s technology.
The Marco Polo Network is a confederation of major global banking and monetary institutions that aims to boost international trade. The organization was launched in 2017 and is an alliance of R3 and TradelX, an Irish tech firm. It features major monetary firms such as French BNP Paribas, Bank of America, Dutch ING Japanese MUFG, and French Credit Agricole.
AS BNY Mellon joins Marco Polo, it aims to widen its expertise in the technological aspect as well as explore how it can integrate Blockchain technology to its trade finance activities. Speculations say that BNY Mellon’s move is parallel with its efforts to eradicate paper-based procedures and digitize its business.
TradelX’s chief marketing officer, Oliver Belin, said in an email addressed to Cointelegraph that the Marco Polo Network currently has 31 members, 28 of which are represented by banks. On the other hand, the three remaining firms are R3, Mastercard, and TradelX.
Moreover, Belin stated that the logo of BNY Mellon would be added on the Website of Marco Polo within this day.
Many companies have started to join the Marco Polo Network, while others have begun to test the technology of the said network.
Last September, Daimler AG, the parent firm of Mercedes Benz, as well as the engineering company Dürr AG effectively accomplished an initial transaction on the Marco Polo Network.
The said transaction included Dürr’s subsidiary Schenck’s order and delivery agreement. In this transaction, a conditional payment commitment by the purchaser’s bank secured the payment.