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I’m just thinking when we’re talking about Marco Polo, it’s mainly focused on supply chain financing. What we would like to see: is to make sure that Marco Polo network will be able to interoperate, communicate down with the other consortia. The second point, we can see multiple consortiums growing in different spaces. More importantly, again, we hope the answer to the objective of the next month definitely to attract corporates and to make sure that they will be using this platform. So definitely, Marco Polo Network will grow and grow and I’m pretty sure that next year there will be much more logos of banks on behind us. More importantly, I would say, by joining Marco Polo, and we can see these logos are behind us, so banks based in Europe, in EMEA, in America, in Asia, find a way to better communicate, but again, to better serve clients and their counterparts. So here we are not talking about competitive space, not at all, it’s only about collaboration, and I can tell you that it’s also improved our relationships with other banks.
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It’s only about collaboration, we really make a difference between collaboration and competition. We want to improve the user experience of our clients, in fact, by joining this consortium, we better collaborate with our clients. What is working with other banks in the Marco Polo Network like?Įric: It’s very interesting because each time so we meet our colleagues from the other banks. Banks are willing to join because they are aware of the value they are going to do to get. And yes, it’s kind of a snowball effect which is really triggering now.
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We are adding some new names almost every week. In fact, because they have been made aware that the momentum over Marco Polo is really great. Now? Well, honestly, this year, it has changed dramatically, because people are coming to ask, “How can I join?” people were coming over just to ask, “What is Marco Polo?” What questions are the banks asking Marco Polo at SIBOS 2019?Ĭyril: That’s a good question. And definitely we did consider that joining Marco Polo at the very, very beginning, was also very beneficial for us. We wanted to improve our internal knowledge of this technology. Marco Polo is using blockchain technology. So we need to better serve our clients and joining this initiative makes sense and for BNP Paribas. Our corporates are also multi-bank customers. Therefore, we do consider that joining forces with other banks, makes sense. We are not developers, we are bankers, and it doesn’t make sense for a bank to develop on its own this type of features of the platform. Why is BNP Paribas one of the founding partners of Marco Polo?Įric: In fact, BNP Paribas was one of the founding banks of Marco Polo Network. As a bank, and we want to serve as better as possible to our clients. And definitely we will better serve our clients. So I think that if, as a bank, we can provide more transparency, more visibility, we will improve the user experience. And they want to make sure that cash will reach their bank account in the coming 24 – 48 hours. Today they have to connect to multiple banking portals, they need to set up multiple connectivity with each and every one of the banks and they do not have any transparency on the funding they need to get more visibility. First of all, I think that the first main pain points are about connectivity. Obviously, there are commercial parties too, for sure.Įric: I would add a few additional comments. And while providing access to a network of third parties, whatever the third parties are, just to facilitate their transactions with an ecosystem of either funder or other kind of parties. Okay, so this is very much the idea of what we are willing to provide access to multiple channels of potential funders or funding. In fact, today, most of the large corporates are asking for better-connected connectivity to their, let’s say, bank partners. What are the pain points for corporates in trade finance?Ĭyril: That’s a very interesting question. So I’m based in Paris, and I’m in charge of innovation, now, in my department for the BNP group.Ĭyril: I’m Cyril Broutin from a TradeIX, I joined TradeIX one year and a half ago, having a broad experience in working capital, management and trade finance, of course. Host: Deepesh Patel, Editor, Trade Finance GlobalĮric: So I’m Eric Henry, I’m Head of Innovation in Trade Finance at the Trade Finance Competent Sector. Featuring: Cyril Broutin, Account Delivery Executive, Trade IXĮric Henry, Head of Innovation, Trade Finance & Supply Chain, BNP Paribas