American financial services corporation Mastercard has joined blockchain software firm R3’s Corda-powered Marco Polo blockchain network for trade finance.
In a press release published on Sept. 3, Mastercard revealed its participation in the Marco Polo Network project, a collaboration of R3 and Irish tech firm TradeIX that launched in 2017. The initiative provides a multi-asset class platform that offers broker dealer services and multi-currency transactions, among other related services.
The company’s Mastercard Track platform for business-to-business global trade has collaborated with Marco Polo in a bid to facilitate Marco Polo’s further development and more working capital finance solutions.
Jacques Levet, transaction banking head of Europe, the Middle East and Africa at BNP Paribas — one of the Marco Polo network members — said:
“Better flow of information across the whole value chain has the potential to drive significant benefits for all network members.”
Recently, Standard Bank, Africa’s largest bank by total assets, joined the Marco Polo Network. Standard Bank will now develop trade finance solutions alongside major global financial institutions such as French BNP Paribas and Dutch ING.
In April, Marco Polo onboarded three new members for piloting and evaluating purposes, including financial services firm BayernLB, Frankfurt-based bank Helaba, and back office service provider S-Servicepartner.
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