Presentations/ Current Events / Uses Cases
- Bobbi Muscara
- Andrea Frosinini
- Will Lovell
ARTICLES:
a. News from the industry:
i. Platforms / innovations / solutions:
ABN AMRO, BMW, SBI in 70-firm blockchain trial on Marco Polo trade finance network
The recipe for insurtech success in 2020 and moving towards a ‘marketplace model’
Big Ocean Cargo Carriers Join Blockchain Initiative
- Envoy partners TradeSun on AI document processing
- Digital Ledger Payment Commitments (DLPC) – the holy grail for standardisation?
ii. ICC and other rules (updates):
- ICC calls on governments to enable an immediate transition to paperless trading to mitigate the potential implications of COVID-19
- ICC issues recommendations to reform global trade
- international standard demand guarantees practice (isdgp) update
iii. Covid-19:
- Guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules
- IsDB and ITFC Launch E-Learning Platform in African Countries as Crisis Response Action to Covid-19;
- Doing Business After Corona: How the Business World Will Change After Coronavirus
PRESENTATIONS:
Trade Finance Hyperledger Overview (Presentation)
We-Trade Presentation
Clearmatics ION presentation
dgtlegers presentation meeting 31st march 2020
USE CASES:
Wallstreet Blockchain Alliance Weekly updated 9/15/2019
On the news front, the article published by The Block (citing Financial Times), which noted that Deutsche Bank recently joined competitor JPMorgan's Interbank Information Network. For those not in the know, the IIN is a blockchain-based network whose function is "minimizing friction in the cross-border payments process...enabling payments to reach beneficiaries faster and with fewer steps". Or so says the website. How very blockchain-esque. A couple of things of interest here. First is the fact that Deutsche Bank, a competitor (give or take) of JPM, has joined this network. For the most part, IIN participants have up to this point been minor players in the overall banking ecosystem. And none was a threat, nor bluntly a concern, for JPM. But adding Deutsche is a different kettle of fish. It tells us that this platform has been vetted, tested and critiqued enough to allow JPM to feel comfortable letting Deutsche in. That they have reached a governance model that makes strategic sense.
The other interesting, and we suspect slightly lost aspect, has been that IIN has been in pilot mode since 2017 and...that it's based on JPM's Quorom platform. That's right. Quorom is growing up. And slowly but surely expanding its reach. One wonders how the other platforms "designed for financial markets" will keep up.
All of that said, given Deutsche Bank's woes of late we suspect they were more than happy to be distracted by some innovation. Just our opinion.
CURRENT EVENTS / NEWS ARTICLES:
https://www.capco.com/-/media/CapcoMedia/PDFs/blockchain-trade-finance.ashx
Why You Need to Change the Way You Think About AIOps
COINDESK
R3 Pilots Blockchain Trade Finance Platform with Global Banks
Feb 21, 2018 at 14:01 UTC
Updated Feb 21, 2018 at 14:07 UTC
NEWS
Blockchain software startup R3, trade finance tech provider TradeIX and a group of major banks have moved their Marco Polo trade finance platform to the pilot stage.
The news follows on from what the firms call in a press release a “successful” proof-of-concept that commenced last September in partnership with BNP, Commerzbank and ING. The project is eventually hoped to see further expansion this year, with additional banks and third-party service providers, including credit insurers and enterprise resource planning and logistics providers, coming on board.
The companies aim to develop a “fully interoperable” open-source trade finance network built with R3’s distributed ledger technology (DLT) product Corda and delivered over TradeIX’s open TIX platform. The solution currently addresses three areas of trade finance: risk mitigation, payables finance and receivables finance, according to the release.
“The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing. The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot,” said Ivar Wiersma, head of innovation at ING Wholesale Banking.
Traditional paper processing across supply chain processes is a “significant burden” to businesses, according to Connie Leung, Microsoft’s senior director and financial services business lead, Asia. “The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology,” she said.
R3 is already working with Microsoft, having already moved to more deeply integrate its Corda platform with the Azure cloud serviceInsight: anti-money laundering_risk in trade finance (1).pdf late last year.
AML papers
sia_partners_insight_-_anti-money_laundering_risk_in_trade_finance (1).pdf
icc-policy-statement-how-does-global-trade-and-receivables-finance-mitigate.pdf
ARTICLES:
a. News from the industry:
i. Platforms
ABN AMRO, BMW, SBI in 70-firm blockchain trial on Marco Polo trade finance network
The recipe for insurtech success in 2020 and moving towards a ‘marketplace model’
Big Ocean Cargo Carriers Join Blockchain Initiative
- Guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules
- Envoy partners TradeSun on AI document processing
- ICC calls on governments to enable an immediate transition to paperless trading to mitigate the potential implications of COVID-19
- ICC issues recommendations to reform global trade
PRESENTATIONS:
Trade Finance Hyperledger Overview (Presentation)
We-Trade Presentation
Clearmatics ION presentation
dgtlegers presentation meeting 31st march 2020
USE CASES:
Wallstreet Blockchain Alliance Weekly updated 9/15/2019
On the news front, the article published by The Block (citing Financial Times), which noted that Deutsche Bank recently joined competitor JPMorgan's Interbank Information Network. For those not in the know, the IIN is a blockchain-based network whose function is "minimizing friction in the cross-border payments process...enabling payments to reach beneficiaries faster and with fewer steps". Or so says the website. How very blockchain-esque. A couple of things of interest here. First is the fact that Deutsche Bank, a competitor (give or take) of JPM, has joined this network. For the most part, IIN participants have up to this point been minor players in the overall banking ecosystem. And none was a threat, nor bluntly a concern, for JPM. But adding Deutsche is a different kettle of fish. It tells us that this platform has been vetted, tested and critiqued enough to allow JPM to feel comfortable letting Deutsche in. That they have reached a governance model that makes strategic sense.
The other interesting, and we suspect slightly lost aspect, has been that IIN has been in pilot mode since 2017 and...that it's based on JPM's Quorom platform. That's right. Quorom is growing up. And slowly but surely expanding its reach. One wonders how the other platforms "designed for financial markets" will keep up.
All of that said, given Deutsche Bank's woes of late we suspect they were more than happy to be distracted by some innovation. Just our opinion.
CURRENT EVENTS / NEWS ARTICLES:
https://www.capco.com/-/media/CapcoMedia/PDFs/blockchain-trade-finance.ashx
Why You Need to Change the Way You Think About AIOps
COINDESK
R3 Pilots Blockchain Trade Finance Platform with Global Banks
Feb 21, 2018 at 14:01 UTC
Updated Feb 21, 2018 at 14:07 UTC
NEWS
Blockchain software startup R3, trade finance tech provider TradeIX and a group of major banks have moved their Marco Polo trade finance platform to the pilot stage.
The news follows on from what the firms call in a press release a “successful” proof-of-concept that commenced last September in partnership with BNP, Commerzbank and ING. The project is eventually hoped to see further expansion this year, with additional banks and third-party service providers, including credit insurers and enterprise resource planning and logistics providers, coming on board.
The companies aim to develop a “fully interoperable” open-source trade finance network built with R3’s distributed ledger technology (DLT) product Corda and delivered over TradeIX’s open TIX platform. The solution currently addresses three areas of trade finance: risk mitigation, payables finance and receivables finance, according to the release.
“The tests ING ran as part of the proof-of-concept enabled us to see the value this solution could deliver in three separate areas of trade financing. The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot,” said Ivar Wiersma, head of innovation at ING Wholesale Banking.
Traditional paper processing across supply chain processes is a “significant burden” to businesses, according to Connie Leung, Microsoft’s senior director and financial services business lead, Asia. “The industry has been looking for solutions to simplify and digitize trade, making supply chain ripe for the benefits of blockchain technology,” she said.
R3 is already working with Microsoft, having already moved to more deeply integrate its Corda platform with the Azure cloud serviceInsight: anti-money laundering_risk in trade finance (1).pdf late last year.