NatWest Joins R3 Blockchain Finance Platform Marco Polo

Marco Polo is a trade finance network which was created by FinTech platform named as TradeIX and R3 an enterprise blockchain software firm. NatWest is a UK based bank which has announced that it has joined Marco Polo. This has a large implementation on the cost reduction, risks and time involved in the business trading between the companies.

According to Dave E. Rutter CEO of R3 stated in an interview that Marco Polo is gaining its popularity and the legacy is growing at a faster rate. R3 showed its gratitude towards Marco Polo and said that they are most overwhelmed to be a part of Marco Polo as it is one of the growing networks of the financial institution. R3 along with TradeIX will work together which will be bringing transparency and efficiency to the trade finance. The customers will be happier as they will be knowing all the details of the transactions taking place.

Many of the banks including BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, DNB along with OP Financial Group have already adopted blockchain technology for the better trading. NatWest will be working with R3 and Trade IX for the process improvement and efficacy. It will be giving flexibility and transparency to its customers for the smooth transactions. It also increases the links between the banks.

According to Rowan Austin, Head of Trade & Working Capital, the best way to deliver the technology to the client is a global collaboration with the financial institutions and leading technology providers. Austin showed his interest in Marco Polo and said that it is a milestone for the company and important step that will cut down the cost, save time, money and energy in conducting an international trade.

The goals and idea of the Marco Polo are to provide the digital platform to the bank so that they can work together with ease. It gives connections and links all the banks. It brings down the information and financial supply chain which give a transparency to the customers with no risk of doubt in the user’s mind.

TradeIX was looking for the partnership which can give an acceleration to the corporate growth. They have finally found Marco Polo and they believe that it can cater to their needs and demands for the future. R3 contributed 107 million USD for the blockchain technology to link with the financial sectors.

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