National Australian Bank Joins Blockchain Trade Finance Network Marco Polo

Blockchain, Group, News | November 20, 2019 By:

National Australian Bank (NAB) has announced that it has joined the Marco Polo Network, becoming the network’s first Australian banking partner.

NAB is one of the four largest financial institutions in Australia in terms of market capitalization, earnings and customers. The bank offers banking services, credit and access card facilities, leasing, housing and general finance, international and investment banking, wealth and funds management, life insurance and custodian, trustee and nominee services.

The Marco Polo Network was launched in 2017 by the world’s leading financial institutions including ING, Commerzbank, BNP Paribas, Anglo-Gulf Trade Bank, NatWest, Natixis, Bangkok Bank, and others. The Marco Polo Network leverages Application Program Interface (API) and offers Corporates Enterprise Resource Planning (ERP) embedded working capital and trade finance applications to significantly streamline communication with their bank relationships and integration with existing internal systems. R3’s distributed ledger technology enables all parties to share information across the network securely and in real time.

NAB will participate in the development of the platform alongside global financial institutions such as BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa Bank, Bayern LB, Helaba, S-Servicepartner, RBI, Standard Bank, Intesa Sanpaolo, Bank of America, MUFG, National Bank of Fujairah PJSC and Bradesco.

“With trade practices evolving rapidly, NAB is focused on increasing efficiencies through trade process digitization,” said NAB’s Executive General Manager Client Coverage Cathryn Carver. “Our partnership with Marco Polo Network and R3 is a big step forward in achieving better trade processes for our clients, and we are excited about its potential to help our customers grow their businesses.”

“There are currently over 25 banks in the Marco Polo Network and we are achieving great momentum in broadening our global footprint,” said TradeIX Chief Revenue Officer Tawfique Hamid. “With NAB onboard as the first Australian partner, we are a step closer to our goal of making trade and working capital finance smarter, more transparent, and better connected for our members.”