International trade finance, beset by the same “paper chase” that is a hallmark of B2B transactions, could use a digital facelift.
After all, in activities that cross borders, time zones and currencies, transparency is lacking, it takes days to settle transactions and there are fees involved. When commerce becomes international in scope, complexity reigns. In a bid to simplify things, advanced technologies such as blockchain can address those pain points, particularly where working capital is involved.
To that end, as reported this week, BNY Mellon, through the Marco Polo Network, has joined a group aiming to bring blockchain to international trade finance. The Marco Polo Network is a cloud-based collective of more than 30 financial institutions (FIs), tested by more than 20 corporates that have built, and are building, a platform to offer trade and working capital financing to FIs and enterprises. Within that platform, blockchain can help speed up transactions and enable the real-time delivery of working capital, once buyers and suppliers agree to terms.
Continue reading: https://www.pymnts.com/blockchain/2021/blockchain-and-cloud-alleviate-trade-finance-pain-points/
After all, in activities that cross borders, time zones and currencies, transparency is lacking, it takes days to settle transactions and there are fees involved. When commerce becomes international in scope, complexity reigns. In a bid to simplify things, advanced technologies such as blockchain can address those pain points, particularly where working capital is involved.
To that end, as reported this week, BNY Mellon, through the Marco Polo Network, has joined a group aiming to bring blockchain to international trade finance. The Marco Polo Network is a cloud-based collective of more than 30 financial institutions (FIs), tested by more than 20 corporates that have built, and are building, a platform to offer trade and working capital financing to FIs and enterprises. Within that platform, blockchain can help speed up transactions and enable the real-time delivery of working capital, once buyers and suppliers agree to terms.
Continue reading: https://www.pymnts.com/blockchain/2021/blockchain-and-cloud-alleviate-trade-finance-pain-points/
