Marco Polo welcomes BayernLB, Helaba and S-Servicepartner as new members

Munich. 25th April 2019 – BayernLB, Helaba and S-Servicepartner have joined the Marco Polo trade finance network for piloting and evaluating purposes.

This is a joint initiative bringing together R3, TradeIX and 20 leading financial institutions based in Europe, North and South America, Middle East and Asia Pacific. Their mission is to provide and grow the first distributed trade finance network, allowing banks to offer access to open account, traditional and structured trade finance solutions to their corporate clients in a more efficient, transparent and connected way.

R3’s Corda blockchain technology was developed with enterprise privacy and connectivity requirements in mind, and therefore ideally suited for financial transactions. It provides permissioned and real-time visibility that fosters an unprecedented level of trust and collaboration among trading parties.

Daniel Cotti, Managing Director, Centre of Excellence for Banking and Trade for the Marco Polo Network, says: “Today, we have the resources and technology to transform the way banks serve their trade finance customers and enable easier access to credit, while minimising risk and increasing transparency. We’re delighted to welcome BayernLB, Helaba and S-Servicepartner as valuable partners on this journey to fundamentally evolve how corporate clients access working capital finance.”

The Marco Polo Network has also recently released the first working capital finance app embedded into the ERP system. Launched earlier this month on Oracle Netsuite, the Marco Polo ERP app allows companies to access and manage trade finance programs and working capital solutions directly from within their ERP system.

Florian Seitz, Head of Trade & Export Finance, BayernLB, says: “Joining the Marco Polo Network considerably enhances our range of digital solutions to the benefit of our customers. It allows us to settle trade finance transactions securely and transparently and all the parties concerned profit from the efficiency gains Marco Polo generates by connecting ERP systems. This provides real value added for our export-oriented customers.”

Dr. Martin Scheele, Head of Asset Backed Finance, Helaba, says: “Helaba already offers its customers a wide range of tailor-made working capital financing solutions. Going forward the Marco Polo platform will enable us to connect much more efficiently with our customers, investors and important service providers such as ‎credit insurers. The platform, based on Corda blockchain technology, therefore offers an ideal environment for optimising and further expanding our product portfolio in order to provide secure and tailor made solutions to our customers with less administrative effort on both sides.”

Robert Seelen, Head of International Services, S-Servicepartner, says: “We are delighted to collaborate with the Marco Polo Network and help pave the way for a more transparent and efficient way to leverage supply chain finance solutions for all institutes of the S-Finanzgruppe, especially the savings banks, and their business clients. We are also proud to contribute to the development of modern and digital solutions that will benefit global trade by driving more business opportunities in Germany.”