Japan’s Third Largest Bank to Utilize R3’s Marco Polo Blockchain
Sumitomo Mitsui Banking Corporation (SMBC) and Mitsui & Co. have successfully completed a proof-of-concept utilizing Marco Polo, a blockchain-based trade finance platform developed by R3 and TradeIX Limited.
The PoC was conducted based on actual cross-border trade flow involving Mitsui & Co., Indorama, Bangkok Bank, and SMBC.
Before the new blockchain-powered solution, the parties’ exchanged purchase orders, invoices, and various documents using paper-based methods.
Now these processes will be digitized and automated.
Using R3’s Marco Polo blockchain, each party is able to update data pertaining to purchase orders, invoices, and shipping logistics based on the most up-to-date information, and share the data in real-time.
SMBC will begin utilizing the Marco Polo blockchain publicly by the end of 2019.
Launched in 2017, the Marco Polo Network provides an open enterprise software platform for trade and working capital finance to banks and corporates and a distributed, blockchain-powered solution that allows for the seamless and secure exchange of data and assets between participants.
Its mandate is to provide a dramatically improved customer experience using cutting-edge trade and working capital procedures, to enable seamless data integration and exchange between trading parties. This type of network provides the basis for revenue growth and a simultaneous reduction in costs, time and risk.
Marco Polo aims to gather together the entire trade ecosystem. It is a network at its core, uniquely positioned to enable its members to benefit from “network effects”. In other words, every time a new organisation joins, the value of the Marco Polo Network increases for every other participant.