Turkey’s Isbank and Germany’s Commerzbank processed First International Transaction via Corda Blockchain


Major Turkish Bank Isbank has carried out
its first-ever international trade monetary transaction with German Commerzbank
deploying the blockchain technology.
With this transaction, Isbank has become
the first Turkish bank that has utilized the distributed ledger technology to
execute international transactions. Isbank being the member of the R3 Corda
platform, carried out the transaction via the Corda blockchain on the Marco
Polo network.
Marco Polo is a unified network that is
focused on secured payments and financing of trade transactional processes with
efficiency.
How the Transaction took place?
Isbank and Commerzbank processed the
payments securely through digital data transfer. The transaction was carried
out on 27 May 2020 between Isbank, Kuraray Europe GmbH, Sisecam and Commerzbank
AG for supporting the trade of laminated glass interlayers from Germany to
Turkey
R3 Corda Technology permits the trade
transaction data to be distributed to the involved parties along with the
workflow of the business. This makes the settlement process efficient than the
traditional process.
Talking about the blockchain technology,
Sahismail Simsek, the Isbank Deputy Chief Executive said
"Increasing security, speed, and
operational efficiency in international trade, this technology is a paradigm
change for foreign trade supply chains.”
Elaborating more about the pilot process on
Marco Polo network he said,” Now with this pilot transaction using blockchain
technology, we are starting reliable and easy period based on foreign
trade."
Enno –Burghard Weitzel, Head of Product
Management at Commerzbank said
“After having processed to various Marco
Polo payment commitment pilot transactions last year, we are happy to have
piloted with Isbank an advanced pre-live version of the platform. We ensured
the technical performance and validated the workflow with our corporates to
pave the way to production."
Turkey’s Crypto friendly Policies
Turkey is becoming a hot market for crypto exchanges for its crypto-friendly initiatives. In September 2019, the government had announced plans to develop a national blockchain infrastructure.
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Jayashree Ingle
CBW - External Analyst
INDIA