The Bank of New York Mellon is conducting an evaluation program with the Marco Polo Network, furthering its aims to fully digitize the business to deliver new capabilities faster, unlock the power of data, and put clients at the center of their ecosystem.

By engaging with Marco Polo, the Bank of New York Mellon (BNY Mellon) is positioning itself to explore trade financing powered by blockchain, in an industry where many participants still rely on costly and inefficient paper-based systems to conduct trade.

«We recognize the tremendous potential to harness digital, data and advanced technology capabilities to transform essential trade finance processes to make them more efficient and secure,» said Joon Kim, Global Head of Trade Finance at BNY Mellon in a media statement on Monday.

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Marco Polo Network is a trade and working capital finance network powered by blockchain technology. The network includes financial institutions, their corporate clients, service providers and the blockchain technology firms TradeIX and R3, leveraging R3’s Corda blockchain.

Already operating in Europe, Asia and the Middle East, the Marco Polo Network now bolsters its U.S. presence with the addition of BNY Mellon. «We are accelerating the network’s growth and reach while our members are preparing and running programs with their corporate clients,» said Daniel Cotti, Managing Director, Centre of Excellence, Banking & Trade at TradeIX.