BNY Mellon Aims to Go Live ‘ASAP’ on Trade Finance Blockchain Marco Polo
Bank of New York Mellon has joined the Marco Polo trade finance consortium running on R3’s Corda, becoming the 28th bank to do so.
The $373-billion asset bank is evaluating Marco Polo’s technology with the intention of onboarding clients if the network’s capabilities fit clients’ interests, said Joon Kim, global head of trade finance at BNY Mellon.
“Our hope is that the business requirements of our clients will meet with what Marco Polo has to offer, and our intention is to move into live production A-S-A-P,” Kim said, meaning “as soon as possible.”
Kim wouldn’t reveal how many corporate and bank clients are receiving trade services from the bank, but said that BNY Mellon works with 1,400 financial institutions in total.