The Pole Star and Marco Polo collaborative solutions enable the advancement of cross-border trade compliance, while facilitating the streamlining of maritime transactional processes and the securing of sensitive data.
Since partnering with the global trade finance technology provider, TradeIX and the Marco Polo Network, in January 2020, Pole Star’s regulatory technology, PurpleTRAC, has been brought to the Marco Polo Network.
Listen to Deep Dive: DLT in the Maritime and Shipping Space, a Trade Finance Global podcast featuring Pole Star’s Global Head of Financial Markets Compliance, Simon Ring, and TradeIX’s Manager of the Marco Polo Business Network, Nick Barnes.
The network’s member banks, their corporate clients, and the extended trade ecosystem now have access to the fully automated vessel sanctions screening solution, allowing organisations to increase the capacity and velocity of their transactions, whilst facilitating rapid decision-making in trade finance.
Note: Generic representation only. Detailed workflows and participant interactions are dependent on specific use cases.
Marine Bunker Fuel Financing: Bunker fuel purchases constitute the largest operating expense for any ship owner/operator and, with fuel providers no longer extending credit to buyers, there are few financing options that work well for both buyers and suppliers. Our joint solution allows buyers and suppliers to access new working capital programmes tailored to the unique transaction requirements, providing buyers with the ability to extend payment terms by 60-120 days, and suppliers with early payments from buyers’ banks. Moreover, banks that leverage PC are allowing their clients to meet their goals, while achieving high levels of risk mitigation at low costs.
Port Services Disbursement Account Financing: Companies must pay for port agencies weeks in advance of service delivery so that these agencies can cover the costs of 3rd party providers needed to deliver their services. By leveraging the solution, ship owners can finance DAs with extended payment terms while ensuring that port agencies are paid prior to supplier invoice collection.
Canal Transit Toll Fee Financing: Similar to port services, companies are also required to pre-fund expensive canal transits weeks in advance of service delivery or rely on obtaining costly and operationally inefficient letters of credit, creating a glaring working capital challenge. Our solution offers a way to finance these transactions and avoid pre-funding through a specialised digital programme, fully compliant with the business and system requirements of all parties involved and ultimately accelerating the reimbursement of working capital.