Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.
Reports suggest that nearly 42% of global investment funds predict a stock market downturn in 2020 and 59% think that the global financial crisis will hit in the next 5 years.
SMBC is planning to use R3 and TradeIX’s Marco Polo platform to handle a trade transaction towards the end of the year.
Mastercard revealed its participation in the Marco Polo blockchain project, a collaboration of R3 and TradeIX. The initiative provides a multi-asset class platform that offers broker-dealer services and multicurrency transactions, among other services.
As part of its ongoing efforts to offer next-generation trade finance solutions to its clients, Natixis has announced that it has joined the trade finance network Marco Polo.
The platform is intended to facilitate domestic and cross-border trade for small and medium enterprises in Europe and increase overall trade transaction transparency.
All the major steps in a crude oil transaction will be kept on the blockchain, which will allow for more transparency, enhanced security, and efficiency.
Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.
Thus R3 project has just grown up to 42 members – the world’s largest and most influential banks.