On several occasions we have exposed about as the world of traditional finance is adapting to accept the Technology Blockchain, each institution going to your different rate, because they have different contexts, considering the regulations of the country where they are located, the ability to adapt and their willingness to do so. On this occasion we bring you the case of Bank of America, one of the banks most popular in united States, by joining the project Marco Polo. To understand the news, remember that Marco Polo is a consortium that works to provide efficiency to international trade using the platform Blockchain Corda R3. Founded by the startups R3 and TradeIX, the network aims to provide real-time connectivity, increased visibility to business relationships and lower barriers to access to capital. According to an announcement sent by e-mail to CoinDesk Thursday, the bank said that, as a provider of financial solutions for trade and supply chain, is becoming a member firm of Marco Polo to offer better services to the customers. Geoff Brady, head of global trade finance and supply chain in Global Transaction Services at Bank of America, said: “to Join the Network, Marco Polo supports our strategic objective of converting technological developments into commercial solutions that address the needs of the client. We hope to explore how new technology can generate a greater transparency for our clients throughout the life cycle of the transaction, by making the process opaque paper-based easier and more efficient.” With Bank of America now in the group, David E. Rutter, CEO of R3, said that he hopes that will encourage more u.s. banks to join Marco Polo. Rutter continued: “as the network continues to grow, so does the growing number of use cases that the technology Blockchain presents in the transformation of the financial markets. Trade finance is one of those areas that will benefit most from the promise of Blockchain and the greater the efficiency it can bring”. With this new partnership, the possibilities on the part of Bank of America expands thanks to the new technology, using their acquired capacity. In addition, stress that Marco Polo has managed to expand considerably, given that recently also got another powerful ally, being Mastercard. The following two tabs change content below. I am a student of economics, interested in innovation and technological development, always faithful to that tomorrow will be a better day.
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