The largest and fastest-growing trade and working capital finance network in the world, Marco Polo, has welcomed Bank of America this week. The multinational investment bank and financial services company has found the consortium very attractive. Bank of America is currently the eighth-largest bank in the world with assets totalling over $2,354.51 Bn and we are sure the latest addition to the network will be a positive thing.
Marco Polo is hardly working on delivering its vision: erase inefficiencies in the international trade system by using blockchain tech. The main projects of the consortium include real-time connectivity, expand trading relationships and break down the barriers present in the ecosystem.
Bank of America has a long background regarding innovative finance solutions, that’s why the addition may bring further developments in the field of trade and supply chain tech. One of the members of the Marco Polo board, David E. Rutter, expressed: “With Bank of America now in the group, more U.S. banks will be encouraged to join Marco Polo. Earlier this month, Mastercard too joined the consortium, saying that its business-to-business global trade unit, Mastercard Track, will provide an access point to Marco Polo’s working capital finance platform”
Trade Finance Global analyst, Dave Sutter, highlighted the main strengths of the American bank:
“Bank of America is a long-standing provider of trade and supply chain finance solutions, with offices spanning Asia Pacific, EMEA, Latin America and North America. It is also a leader in digital banking and regularly introduces innovations that leverage the bank’s annual $3bn new technology initiative fund. This year, the bank was named North America’s Best Digital Bank by Euromoney for the second consecutive year”.
To conclude, it’s quite interesting to see how the momentum in the Fintech sector is shifting. Trade finance projects built on a chain of blocks are improving rapidly, and with all of those giants partnering together, the pace of adoption will increase significantly.