Pole Star Joins the Marco Polo Network
Pole Star Joins the Marco Polo Network To Advance Cross-Border Trade Compliance Through Automated Vessel Sanctions Screening.
By: Pole Star
Making PurpleTRAC available on the R3 Corda network will provide a single point solution for automated vessel sanctions screening, vessel tracking and risk management.
Until recently, processing trade finance transactions, such as letters of credit, were mainly paper-based, manual, and time consuming. With digitalisation and by leveraging blockchain technology, the velocity of financial and informational flows are better synchronised with the velocity of the physical transactions.
The partnership provides a fully automated vessel sanctions screening solution to the network's member banks, their corporate clients, and the extended trade ecosystem. It allows organisations to increase the capacity and velocity of their transactions, whilst facilitating rapid decision-making in trade finance.
Currently, more than thirty banks including BNY Mellon, Bank of America, BNP Paribas, Commerzbank, ING, LBBW and Standard Chartered Bank are part of Marco Polo.
Any trade transaction is made up of three layers, consisting of physical, financial, and information flows. Until now, these layers have been operating separately in multiple, different and siloed data systems.
This partnership will enable the streamlining of maritime transactional processes and the securing of sensitive data. It is the first time that the financial, physical, and informational layers are merged together on the Marco Polo Network, allowing for an increase in transparency and visibility into global trade flows, which greatly reduces risk and creates new trigger points to finance trade and improve working capital.
"It has never been more vital for businesses to ensure that they can keep at pace with the regulatory landscape,'' commented Simon Ring, Global Head of Financial Markets Compliance at Pole Star. "This partnership will facilitate trade finance transactions on distributed ledger technology (DLT) by automating the trade finance and supply chain's regulatory compliance and logistics processes like never before."
"The future of efficient and compliant global trade relies on better flow of information across the value chain," said Julian Longson, Managing Director at Pole Star.
"Global supply chains rely on a massive volume of information that must be managed in real time with detailed transaction visibility to support regulatory and corporate compliance. PurpleTRAC's sanctions compliance screening and vessel tracking solutions allows members of the Marco Polo Network to have access to actionable business intelligence via the underlying Corda blockchain."