Commerzbank joined with İşbank and LBBW to become one of the first banks to execute commercial transactions with German and Turkish corporate clients via the Marco Polo trade finance network in a live environment.
Commerzbank AG (via Public) / Commerzbank and partners execute live transactions on the Marco Polo trade finance network more publicnow.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from publicnow.com Daily Mail and Mail on Sunday newspapers.
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For many trade finance banks that still relied on legacy systems and paper-based processes, the Covid crisis put them on a forced march into the future.
February 03, 2021
Trade finance bore the full force of the institutional crises inflicted by the coronavirus pandemic. Corporate entities and banks struggled with liquidity issues, supply chain disruptions and payment delays. Legacy platforms and archaic paper-based processes still in place at most trade finance providers created additional obstacles.
Goods nevertheless continued to move across borders, however, thanks in large part to fast action by authorities. In any crisis, there’s an immediate demand for liquidity; and at the start of the pandemic, governments and central banks stepped in with liquidity for the markets.