Bank Of America To Leverage Marco Polo For Trade Finance

Bank of America has announced that it has joined the Marco Polo Network, the leading trade and working capital finance network.

The network — and its more than 25 member banks — aims to unlock a potential $1.5 trillion opportunity in global trade finance, according to a press release. Its other members include 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, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.

“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs,” said Geoff Brady, head of Global Trade & Supply Chain Finance in Global Transaction Services at Bank of America, in the release. “We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”

Daniel Cotti, managing director of Centre of Excellence Banking & Trade for the Marco Polo Network, added, “The Marco Polo Network is accelerating its presence in North America and we are very pleased to have one of the largest and most innovative trade finance banks in the world joining the network. We look forward to working with Bank of America to address critical market challenges and to expand the network’s reach and eco-system to a wider audience of corporate customers.”

Earlier this month, Marco Polo added Mastercard Track, a B2B global trade enablement platform, to its network, which will provide more businesses with access to the network’s trade and working capital finance solutions.

Launched in 2018, Mastercard Track unifies access to business identity information through a secure repository of more than 210 million registered entities worldwide, reducing the time it takes for businesses to identify, vet and onboard new trading partners.