After a POC starting last September, R3 and TradeIX are now piloting their trade finance network, seeking to improve risk mitigation, receivables and payments finance using distributed ledger technology.
Blockchain software startup R3, trade finance tech provider TradeIX and a group of major banks have moved their Marco Polo trade finance platform to the pilot stage. The news follows on from what the firms call in a press release a "successful" proof-of-concept that commenced last September in partnership with BNP, Commerzbank and ING. The project is eventually hoped to see further expansion this year, with additional banks and third-party service providers, including credit insurers and enterprise resource planning and logistics providers, coming on board. The companies aim to develop a "fully interoperable" open-source trade finance network built with R3's distributed ledger technology (DLT) product Corda and delivered over TradeIX's open TIX platform. The solution currently addresses three areas of trade finance: risk mitigation, payables finance and receivables finance, according to the release.