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

The platform addresses risk mitigation, payables finance and receivables finance
21 February 2018   607

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

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.