Thai banking giant Bangkok Bank has joined the Marco Polo, a trade finance initiative run by enterprise software firm R3 and trade finance technology specialist TradeIX.

Launched in September 2017, the initiative focuses on a trade finance platform built on an interoperable business network powered by open Application Programming Interfaces (APIs) and blockchain technology. Core banking members include BNP, Commerzbank and ING, and additional banks including Standard Chartered, DNB, and OP Financial Group joined in recent months.

“We are delighted to be working with R3, TradeIX and several leading banks on the Marco Polo project in which we are applying Distributed Ledger technologies to address the complexities and inefficiencies of Trade Finance,” Ian Guy Gillard, Bangkok Bank Executive Vice President, said.

Earlier in March, the initiative announced that it is piloting a trade finance solution leveraging distributed ledger technology (DLT) following a successful a successful proof-of-concept. The participants have developed a solution for Open Account trade financing powered by TradeIX’s TIX platform and R3’s Corda blockchain technology.

Initially, the solution is focused on three distinct areas of trade finance: risk mitigation by the provision of payment commitments based on the matching of trade data, payables finance, and receivables finance. It will be delivered via TradeIX’s TIX platform, an open platform providing applications, technology tools and core infrastructure for the trade finance ecosystem, and Corda.

“Bangkok Bank was the first Thai bank to join R3 back in 2016, and we are excited to build on our relationship with them as we work with TradeIX to establish Marco Polo as a new standard in trade finance technology,” David E. Rutter, CEO of R3, said.