The S-Servicepartner, Sparkasse Bielefeld and the Austrian Raiffeisen Bank International, together with Dr. August Wolff GmbH & Co. KG Arzneimittel and its business partner, the pharmaceutical company s.a.m. Pharma Handel GmbH successfully completed a digital trade transaction with a receivables-based financing component on the Marco Polo platform. A special feature: the S-Servicepartner, currently the only back-office service provider worldwide within the Marco Polo consortium, the largest and fastest-growing trade finance network, was able to process a blockchain-based trade transaction for the first time together with a savings bank and its customer. Another highlight: Raiffeisen Bank International was the first Austrian bank to carry out a pilot transaction on the Marco Polo platform.

The Marco Polo network connects banks, corporates and technology-partners to streamline their working capital and trade finance activities through direct data exchange. It provides digital solutions for international trade and supply chain as well as receivables-based financing using R3 Corda Blockchain technology. Companies will be able to access the platform’s offerings via web portals, local and cloud-based platforms, and ERP-integrated applications.

The settlement and financing of trade transactions via a Distributed Ledger Technology (DLT)-based platform is of equal interest to companies of all sizes active in foreign trade. The S-Servicepartner participates in the development of the Marco Polo platform, representing all savings banks in Germany, and pursues the goal of providing the savings banks with access to the Marco Polo product offering. The service provider is, therefore, testing the functionality and experience of the products on the Marco Polo platform together with selected savings banks and their medium-sized corporate customers. “This is the first transaction in a pilot series with savings banks with which we want to make an important contribution towards production maturity,” says Jürgen Nagel, a member of the Management Board of S-Servicepartner Berlin. “The insights gained by all participants will be directly incorporated into the further development of the modules”.

Ralf Hüpel, Head of International Business at Sparkasse Bielefeld, states: “We are very happy and satisfied to be able to contribute the view of a savings bank at such an early stage in the development of this platform. As the first savings bank in Germany, we were able, together with our customer, to give important impulses for the further development of this international project”.

“The Wolff Group, which is always interested in cutting edge innovations, sees an opportunity for the future to raise considerable efficiency potentials and significantly improve transparency in the entire process, from ordering to payment”, confirms Tanja Niedenführ, Head of Finance and Accounting Department at the pharmaceutical manufacturer.

Raiffeisen Bank International (RBI) began looking at the existing blockchain-based trade finance solutions in 2017. Of all the available platforms, RBI ultimately opted for Marco Polo. “Marco Polo best suited our strategy as the platform combines traditional trade finance products with new blockchain-based solutions such as Payment Commitment,” says Stefan Andjelic, RBI Blockchain Hub Lead. The cooperation with S-Servicepartner and the two companies gave a good impression of the marketability of the Marco Polo platform. “The transaction showed how Marco Polo can make trade finance more transparent and efficient through automation,” says Andreas Zietz, RBI Teamlead Trade Finance.

Also for Michael Stanzig, Managing Director of s.a.m. Pharma Handel GmbH, the pilot has shown that the Marco Polo platform provides transparency and security to all sides. “The usability of the platform is relatively easy for our part and operated without any problems,” Michael Stanzig continues.

“This pilot demonstrates the benefits of leveraging blockchain technology for open account trade finance transactions. By using the Marco Polo Platform, we create a safe and digital environment, which provides the foundation for a global trade finance marketplace,” said Rob Barnes, CEO of TradeIX.

The parties to the transaction agree that the cooperative partnership not only provided a deeper insight into the innovative technology but also brought the conviction that the underlying visions can be put into practice in the near future.

___________________________________________________________

The S-Servicepartner is the largest back office service provider for the savings banks in Germany. As a process industrialiser, the S-Servicepartner supports the savings banks with standardization and automation solutions using modern technologies such as Robotic Process Automation (RPA) and Business Intelligence (BI). Today, the corporate group employs more than 2,350 people at 11 locations throughout Germany and generates annual sales of around 200 million euros.

Sparkasse Bielefeld is the market leader in its area of business for medium-sized corporate customers and the most important financing partner for medium-sized companies in Bielefeld. The bank handles more than 20,000 commercial customer relationships in Bielefeld and has provided around 550 million Euros in new commercial loans in 2018.

The Dr. Wolff Group, with brands such as Alpecin, Plantur and Alcina, as well as Linola, Vagisan, Biorepair and Karex, is a family business from Bielefeld, now in its fourth generation, with 675 employees and expanding worldwide. Since its foundation in 1905, the company has focused on research and the scientifically proven benefits of its products in order to find a solution for hair and skin problems. With its own developments, the company achieved a turnover of 309 million Euros (2018). Dr. Wolff is operating in more than 60 countries.

RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 13 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A. 

Around 47,000 employees service 16.5 million customers through approx. 2,100 business outlets, the by far largest part thereof in CEE. RBI’s shares are listed on the Vienna Stock Exchange. The Austrian Regional Raiffeisen Banks own around 58.8 percent of the shares, the remainder is in free float. Within the Austrian Raiffeisen Banking Group, RBI is the central institute of the Regional Raiffeisen Banks and other affiliated credit institutions.

s.a.m. Pharma Handel is a small successful company founded in 2003 in the OTC pharmaceutical sector with the aim of marketing European pharmaceutical companies that are not independently represented in Austria.



Source link

Register at Binance