American financial services giant Mastercard has joined blockchain software company R3’s Corda-powered Marco Polo Network for trade finance.
In a news release published on Sept. 3, 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.
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.
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 BNP Paribas and ING.
In April, Marco Polo onboarded three new members for piloting and evaluation purposes, including financial services firm BayernLB, Frankfurt-based bank Helaba, and back office service provider S-Servicepartner.
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