R3, block finance software provider, TradeIX, technology provider of trade finance, and a group of major banks have moved their Marco Polo trade finance platform to the pilot stage.

The news follows what the companies call in a press release a "proof of concept" "successful" that began last September in partnership with BNP, Commerzbank and ING. The project is expected to see its expansion grow this year with the arrival of new banks and third-party service providers, including credit insurers and business planning and logistics service providers.

The aim of the companies is to develop a "fully interoperable" open-source trade finance network, built with the Corda product distributed by R3 (DLT) and delivered on the TradeIX TIX platform. The solution currently addresses three areas of trade finance: risk mitigation, accounts payable financing and accounts receivable financing, according to a publication.

"ING's proof-of-concept testing showed us the value this solution could bring to three distinct areas of trade finance: technology worked quickly and smoothly, and the results were positive. showed us, "said Ivar Wiersma, Head of Innovation at ING Wholesale Banking.

Traditional paper processing through supply chain processes is a "significant burden" for businesses, said Connie Leung, senior director of financial services and financial services for Microsoft. ;Asia. "The industry has sought solutions to simplify and digitize commerce, making the supply chain mature for the benefits of blockchain technology," she said.

R3 is already working with Microsoft, having already decided to more deeply integrate its Corda platform to the Azure cloud service at the end of last year.

The Expanded Partnership, announced in November 2017, saw both companies deliver Corda's effortless deployment and networks on Azure, facilitating the process of building nodes and networks for businesses.

Image of international trade via Shutterstock

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