Logwin participates in Marco Polo finance network
LBBW and Commerzbank have carried out another trade transaction between Voith and KSB SE via the Marco Polo trade finance network built on R3’s distributed ledger technology (DLT) platform Corda. This time, besides the two companies involved, logistics provider Logwin AG was incorporated into the digital process chain – directly, and in real time.
This represents a milestone in the expansion of the digital trade finance system. In the transaction, order and delivery data were agreed upon between the companies via the international Marco Polo trade finance network. Payment terms were secured by an irrevocable payment commitment, triggered through automated matching of trade data.
For the first time, automatic matching of trade data was achieved with the involvement of the executing logistic provider, in this case Logwin, which entered the relevant transport details directly into the network. (cd)