Mastercard joins the Marco Polo trade network

The network – and its over 25 member banks – are working to unlock what the World Trade Organisation has identified as a potential USD 1.5 trillion opportunity in global trade finance. The Network is a joint undertaking with technology firm TradeIX and is working with R3 as well as leading financial institutions as well as their corporate clients. It also embraces the wider trade ecosystem represented by Enterprise Resource Planning (ERP) providers and logistics companies.

Launched in 2017, the Marco Polo Network facilitates trade and working capital finance solutions between banks and the latters’ corporate clients. The pitch is that this will: create better customer experience, offer seamless data integration, and reCduce costs, time and risk.

Powered by cloud technology, open Application Programming Interfaces (APIs) the Network’s underpinnings have their base on Corda blockchain technology. Mastercard Track is Mastercard’s B2B global trade enablement platform. Mastercard and the Marco Polo Network are collaborating to provide businesses with trusted access to Marco Polo’s trade and working capital finance solutions. Mastercard’s idea is that all sizes of enterprise can benefit from: better visibility into trading relationships, easier access to financing options, the ability to extend beyond point to point relationships (to a global network of trading parties).

Launched in the fall of 2018, Mastercard Track unifies access to business identity information through a secure, permissioned repository of more than 210 million registered entities. Interoperating with digital B2B providers, Mastercard Track reduces the time it takes for businesses to identify, vet and onboard new trading partners – plus it simplifies the end-to-end payment process.