Financial giant Mastercard has joined efforts with Marco Polo Network — R3’s Corda-powered blockchain platform — to facilitate trade financing.
In a Sept. 3 news release, Mastercard (the American financing giant) revealed that the project it intends to participate in was launched back in 2017 by R3 and TradeIX (an Irish tech company). The Marco Polo Network is a multi-asset class platform where multicurrency transactions and broker-dealer services can take place. With this collaboration, businesses will benefit from better visibility of trading relationships as well as easier accessibility to various financing options.
Marco Polo decided to collaborate with the firm’s business-to-business global trade platform Mastercard Track to develop additional working capital finance solutions. Microsoft’s Azure cloud service developed and unveiled Mastercard Track launched in 2018.
One of the Marco Polo Network members Jacques Levet — who is also BNP Paribas head of transaction banking in Europe, the Middle East and Africa — said as follows:
“Better flow of information across the whole value chain has the potential to drive significant benefits for all network members.”
Another institution that joined the Marco Polo Network recently is Africa’s largest bank in terms of total assets, Standard Bank. The bank colluded with other major global financial institutions — like ING and BNP Paribas — to come up with various trade finance solutions. There are now over 25 members in the network.
In April, Marco Polo welcomed three new members — BayernLB (financial services firm), S-Servicepartner (a back-office service provider) and Helaba (a Frankfurt-based bank) — to aid in piloting and evaluation.