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Commerzbank: Executes live transactions on Marco Polo trade finance network | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

Commerzbank: Executes live transactions on Marco Polo trade finance network

Commerzbank: Executes live transactions on Marco Polo trade finance network

  • Commerzbank is the leading bank for the German Mittelstand and a strong partner for around 30,000 corporate client groups
  • Joined with İşbank and LBBW to become one of the first banks to execute commercial transactions with German and Turkish corporate client
  • The purpose of these transactions was to establish an irrevocable payment commitment to the supplier
  • With these live transactions, bank reached a key milestone in the run-up to the market launch of Marco Polo Payment Commitment
  • The data required to establish the payment commitments for both transactions was exchanged in a digital format
  • The first cross-border transaction took place on 10 May 2021, in cooperation with İşbank

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