R3 Partners with Banks To Launch Trade Finance Platform

R3 Partners with Banks To Launch Trade Finance Platform

Blockchain
February 22, 2018 by Bitzamp
247
R3 Partners with Banks To Launch Trade Finance Platform R3 is an enterprise software company that works with over 200 banks, financial institutions, regulators, professional associations, professional services companies and technology companies for development. According to press release on Wednesday, 21 Feb. Blockchain software startup R3, trade finance platform TradeIX and a group of major
Bitzamp

R3 Partners with Banks To Launch Trade Finance Platform
R3 is an enterprise software company that works with over 200 banks, financial institutions, regulators, professional associations, professional services companies and technology companies for development.

According to press release on Wednesday, 21 Feb. Blockchain software startup R3, trade finance platform TradeIX and a group of major banks have moved their Marco Polo trade finance platform to the pilot stage.

The project which commenced on September was hoped to go further this year, firms call in a press release a “successful” proof-of-concept. The concept viability was proven during a continued testing in cooperation with ING, BNP and Commerzbank, according to Ivar Wiersma, head of innovation at ING Wholesale Banking.
Open-source trade finance network built with R3 Corda Distributed Registries (DLT) product and delivered on TradeIX’s TIX platform.

“The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing. The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot,” said Ivar Wiersma, Head of Innovation ING Wholesale Banking.


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