R3's trade finance platform Marco Polo got status "Pilot"

The platform addresses risk mitigation, payables finance and receivables finance
21 February 2018   471

Today R3 announced that with trade finance tech provider TradeIX and several major banks it moved the trade finance solution Marco Polo into 'pilot' stage. The project has the purpose of providing an open source inter-operable trade finance network. The developed in result solution is to be built with R3's Corda (distributed ledger technology product) and released with TradeIX's open platform TIX. As outlined earlier, the project at this stage addresses 3 areas of finance: risk mitigation, payables and receivables finance.

Last September R3 started proof-of-concept development, and today's announcement signalized the success of the process. The development was done in collaboration with BNP, Commerzbank and ING.

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.

 

Ivar Wiersma

Head of innovation, ING Wholesale Banking

Further expansion of the project is set to take place this year with the addition of credit insurers, enterprise resource planning and logistics providers. On a side note, R3 is already working with Microsoft with the integration of Azure cloud solution with aforementioned Corda.

Traditional paper processing across supply chain processes is a "significant burden" to businesses. The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology.

 

Connie Leung

Senior director and financial services business lead, Microsoft Asia

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.
 

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.
 

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.