Bradesco is the latest bank to link up with the Marco Polo Network to implement blockchain technology
14 May 2019 (São Paulo / London) – Brazil’s Banco Bradesco is the latest bank to join Marco Polo, the largest and fastest growing trade finance network powered by Corda blockchain technology to bring significant efficiencies in financing trade and working capital
The Marco Polo Network brings together leading financial institutions, their corporate clients and technology partners to make key trade finance challenges a thing of the past. Leveraging R3’s Corda blockchain technology and the TradeIX distributed trade finance platform, members are enabled to offer to their customers new solutions, facilitate easier integration and significantly reduce response-time in transactions.
Bradesco joins BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, BayernLB, Helaba and S-Servicepartner as a member of the largest network of commercial banks leveraging blockchain for trade finance.
The Marco Polo Network allows financial institutions to experiment with blockchain technology and share knowledge before they start developing their own differentiated trade finance offerings on the distributed platform. These trade finance solutions are easily accessible by their corporate customers thanks to the first ERP-embedded application and specific APIs for working capital finance.
Roberto Medeiros, Bradesco´s Head of International and Trade Finance, said: “Facilitating financial inclusion and supporting economic growth is one of our key priorities. Following the successful digitalization of our retail services, we’re now focused on leveraging the best technology to develop new trade finance solutions for our corporate banking customers”.
“Our Research & Innovation Department carefully assessed the options available to implement blockchain solutions and APIs. The expertise of the Marco Polo Network, the forward-looking vision and the end user-focused approach convinced us that we had found the optimum place to succeed”, he added.
“Today, trade processes are suffering from the lack of connectivity not only between financial institutions and their customers but also within the commercial banking sector itself and with third party service providers. The Marco Polo Network epitomizes our members’ willingness to put their customers first and work together to improve their experience to finance working capital”, said Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade for the Marco Polo Network. “We’re delighted to welcome Branco Bradesco to the network and are looking forward to launching our first pilot in the Latin American region”, he added.
“As Marco Polo’s global network continues to grow momentum, it is clear that it is bringing tremendous value to the trade finance and working capital sector. Institutions which get ahead of the curve by engaging actively with blockchain technology now through use-cases and pilots will be ahead of the curve and gain a significant competitive advantage. Banco Bradesco is joining a network leading the way in exploring how blockchain can improve the entire trade finance lifecycle” said David E. Rutter, CEO of R3.
Bradesco is one of the largest banking and financial services companies in Brazil. Its Service Network is present, with an extensive and modern structure, throughout the national territory and in strategic localities abroad. With approximately 8,000 branches and Service Points (PAs), in addition to almost 39,000 correspondents who, with the Digital Channels (self-service network, telephone, internet and mobile phone), offer convenience and banking inclusion to the population as a whole.
Bradesco has 28 million current account holders, individuals and legal entities, served separately, for which a broad portfolio of products and services is available, such as current accounts and savings, loans, purchasing consortiums, credit card, receipt and payments, insurance, pension and capitalization, investment banking, leasing, asset management and brokerage services, as well as securities brokerage.
The Bank also operates an Insurance Group (Grupo Bradesco Seguros), market leader in Brazil and Latin America, which has strategic differentials such as a multiline operation and strong presence in all regions of the country.
- Total Assets: US$338.2 billion (as of 06/30/2018)
- Market cap: US$49.1 billion (as of 09/27/2018)
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
TradeIX, is an award-winning technology platform provider driving innovation and driving change in facilitating the flow of goods, money, and credit in the $8 trillion trade finance market. Its TradeIX Platform is delivered to banks and their corporate clients via ERP-embedded applications. The TradeIX Platform is integrated with the Marco Polo Network, the world’s fastest growing trade finance network.
Some of the smartest financial institutions and companies in the world work with TradeIX, including ING, BNP Paribas, DHL, AIG, Oracle, and many other Fortune 500 companies from various industries. TradeIX is headquartered in Dublin with offices in London, Kettering and Singapore.