The Bank of New York has now joined Marco Polo Network, a blockchain-based finance network managed by R3.
Bank of New York Joins Marco Polo Network
Bank of New York Mellon (BNY) has now joined the Marco Polo Network to perform a test through the platform. BNY seeks to improve its knowledge about blockchain and learn how technology can be integrated into its systems to benefit the company.
BNY is looking to end all paper-based procedures and go digital and blockchain seems to be the most innovative solution. The network would allow it to perform an evaluation program to assess its compatibility with the institution and its roadmap.
The network is made up of globally recognised companies that all share a common interest in blockchain technology. The consortium is made up of 31 institutions out of which 28 are banks. These include Bank of America, French BNP Paribas, and Japanese MUFG. The remaining three companies are the creators R3 and TradeIX and payment service provider Mastercard.
By partnering with Marco Polo Network, BNY Mellon seeks to transform the industry. BNY official Joon Kim added that the firm sees great potential in the technology and seeks to utilise it to transform trade finance. By working alongside members of the network, BNY Mellon would increase the efficiency of the blockchain network.
As more companies join the Marco Polo Network, the network’s reach expands, and its contribution to the financial world continues to increase. The Marco Polo Network is the largest network of financial institutions that are leveraging blockchain. The network is committed to boosting blockchain adoption.