Commerzbank and İşbank have run an international trade finance transaction on the Marco Polo blockchain network.
In a first for a Turkish bank, the transaction took place on 27 May between İşbank, Şişecam, Kuraray Europe, and Commerzbank and supported the trade of laminated glass interlayers from Germany to Turkey.
Payments were secured by digitally processing the related data transfer via R3's Corda blockchain technology on the Marco Polo network.
"Increasing security, speed, and operational efficiency in international trade, this technology is a paradigm change for foreign trade supply chains," says Şahismail Şimşek, deputy chief executive, İşbank.