Blockchain-based trade finance network Marco Polo welcomes Mastercard
Wed, 04 Sep 2019, 11:20 am UTC
Financial giant Mastercard has joined Marco Polo, a trade finance network on R3’s Corda blockchain platform.
In 2017, leading financial institutions and technology companies TradeIX and R3 launched the Marco Polo Network in order to drive trade and working capital finance innovation.
Marco Polo leverages R3’s Corda and the TradeIX distributed trade finance platform to provide an open enterprise software platform for trade and working capital finance to banks and corporates and a distributed, blockchain-powered solution that allows for the seamless and secure exchange of data and assets between participants.
Mastercard joins other members including BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, and others.
“The scale and reach of Mastercard will complement and enable the large number of financial service providers who have pioneered the formation of the Marco Polo network over the past couple of years,” Daniel Cotti, Managing Director, Center of Excellence, Banking & Trade at TradeIX.
As a member of the Marco Polo network, Mastercard will connect its B2B global trade enablement platform, Mastercard Track, with the blockchain-based network to provide more businesses with trusted access to Marco Polo’s trade and working capital finance solutions.
Launched last year, Mastercard Track unifies access to business identity information through a secure, permissioned repository of more than 210 million registered entities around the world. It reduces the time it takes for businesses to identify, vet and onboard new trading partners and simplifies the end-to-end payment process.
This collaboration will benefit businesses by offering them better visibility into trading relationships and easier access to financing options.
“By connecting our Mastercard Track platform with a leading group such as Marco Polo we’re further lowering the barriers to access trade finance for business of all sizes globally. We’re excited about scaling a connected digital trade ecosystem together,” Claire Thompson, EVP Enterprise Partnerships at Mastercard, said.
Last month, Commerzbank and LBBW executed a trade transaction between international technology group Voith and pump and valve manufacturer KSB SE via the Marco Polo network. Logistics provider Logwin AG was directly incorporated into the digital process chain in real-time.
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