R3 has completed over 70 trade finance blockchain trials with organizations.

R3 has recently concluded its largest trade finance trial on the Corda platform, aimed at testing the jointly developed trade finance network, Marco Polo Network.

Marco Polo was created by blockchain company R3 and TradeIX to establish real-time settlement and transparency in trade relationships. In September, U.S. Bank, Mastercard, and automaker Daimler joined the network. It executed the first Russia-Germany trade in October.

According to a official announcement on 12/12, the trial involved over 70 organizations from 25+ countries, including financial giants like Japan's SBI Holdings. The trial had 340 participants from diverse backgrounds such as financial services, IT, telecommunications, logistics, maritime, real estate, hotel, and automotive industries.

The trial tested the operational finance applications developed by partner TradeIX, focusing on accounts receivable financing products on the Marco Polo financial network. For example, accounts receivable financing, also known as factoring, involves companies selling their accounts receivable at a discount to a third party for immediate cash payment.

The product aims to enhance connectivity and efficiency while reducing entry costs. According to the official claim, participants in the trial training were able to complete over 700 fund requests on average in a day.

As part of the trial, nearly 100% of surveyed respondents stated that blockchain-based trade finance and operational finance tools could potentially expedite the discounting process of accounts receivable and reduce costs for banks and businesses. Additionally, 75% of respondents believed this could happen within five years.

Since R3's platform is tailored for open account financing, participants mainly included consortia, banks, or large companies with financing needs. Banks participating in the joint trial included major banks like ABN AMRO in the Netherlands, banks in Mexico, financial services company Banorte, Citizens Bank, Commercial Bank, SBI Holdings, Bank of East Asia, and Saudi British Bank.

In November of this year, the newest member to join was New York Mellon Bank, becoming the 28th bank on the Marco Polo network.

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