Blockchain Trade Finance Network Marco Polo Welcomes Russia’s Alfa-Bankbr>
Alfa Bank, one of the largest private commercial banks in Russia, has joined the Marco Polo Network to bring significant efficiencies in financing trade and working capital using blockchain technology.
Founded in 1990, Alfa Bank provides commercial banking services and operates in seven countries. The bank is particularly active in Russia and Ukraine, ranking among top ten largest banks in terms of capital in both countries.
Launched in 2017, the Marco Polo Network is a bank focused network of platforms offering ERP-embedded working capital finance apps to their corporate clients giving access to multiple different working capital finance solutions directly from within the corporate’s ERP system. The network leverages the TradeIX platform, open APIs as well as R3’s Corda blockchain platform. It allows banks to easily integrate into trade orchestrations, bringing in ERP, procure to pay, logistics, payment, insurance data, real-time into the transactions.
Dina Merkulova, Head of Trade Finance, Alfa-Bank, claims that the Marco Polo Network is the most advanced and forward-looking trade finance and blockchain technology consortium which makes it the best partner to succeed.
“In line with our objective to offer to our clients the best trade and supply chain finance services, we are looking to leverage the newest technology, including open APIs and distributed ledger technology (DLT), to deliver end-to-end solutions, better customer experience and optimize international supply chain transactions,” Merkulova said.
By joining the Marco Polo Network, Alfa Bank becomes part of a growing list of members, which include BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natwest, Natixis, Bangkok Bank, SMBC, DNB, OP Financial Group, Landesbank Baden-Württemberg (LBBW) and Anglo-Gulf Trade Bank.
“There are exciting times ahead for Marco Polo as the network is growing at an accelerating pace and benefits from the vision and wealth of expertise brought by the leading institutions joining the consortium.”said Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade for the Marco Polo Network. “We’re delighted to welcome Alfa-Bank as one of the major Russian banks and a key financial institution in Europe further expanding the reach of our network.”