Mastercard joins R3s Marco Polo Network

Friday 6 September 2019 10:13 CET | News

US-based financial services provider Mastercard has joined blockchain software company R3’s Corda-powered Marco Polo Network for trade finance.

The company’s Mastercard Track platform for business-to-business global trade has collaborated with Marco Polo in an attempt to facilitate further development and more working capital finance solutions.

Mastercard revealed its participation in the project, a collaboration of R3 and Irish tech company TradeIX that launched in 2017. The initiative provides a multi-asset class platform that offers broker-dealer services and multicurrency transactions, among other services.

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 BNP Paribas and ING. In April, Marco Polo onboarded three new members for piloting and evaluation purposes, including financial services firm BayernLB, Germany-based bank Helaba, and back office service provider S-Servicepartner.

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Keywords: MasterCard, R3, Corda, Marco Polo Network, trade finance, TradeIX, US, blockchain, DLT, financial services provider
Countries: World