Alfa-Bank and Novolipetsk Steel Company (NLMK), in cooperation with Commerzbank (DE:CBKG) and Vesuvius GmbH, are piloting Russia-Germany cross-border payments on R3’s Marco Polo network.
On Oct. 11, Alfa-Bank announced that it is launching a foreign trade finance pilot transaction, with the cooperation of NLMK, Commerzbank and Vesuvius GmbH using R3’s Corda-powered Marco Polo Network. In the announcement, Alfa-Bank described itself as Russia’s largest financial institution measured by total assets, total equity, deposit and loan portfolios.