In order to streamline worldwide trade finance with blockchain technology, Mastercard has partnered with Marco Polo, creating a consortium. Mastercard joins blockchain giant Marco Polo to simplify global trade.
The payments giant announced that the Mastercard Track would provide an access point to the working capital finance platform of Marco Polo. As estimated by the World Trade Organization (WTO), it operates within a $1.5 trillion market.
Marco Polo, founded by R3 and TradeIX startups, utilizes the Corda blockchain platform. The network assures better and faster access to critical information, will work as a catalyst for businesses.
The network has drawn involvement from significant financial institutions like BNP, Commerzbank, and ING since its launch in 2017. It now has more than 25 participants. The platform provides identifying, vetting and onboarding services.
Mastercard joins blockchain giant Marco Polo to simplify global trade. Mastercard Track decreases the time it takes to define, vet and embed fresh trading partners for companies. Also, simplifies the end-to-end payment process for more than 210 million registered entities worldwide.
Daniel Cotti, a managing director at TradeIX, said in a press release:
“The scale and reach of Mastercard will complement and enable a large number of financial service providers who have pioneered the formation of the Marco Polo network over the past couple of years.”
The Marco Polo Network and Standard Bank, Africa’s biggest bank with total assets, have recently collaborated. Standard Bank will now work with significant global financial institutions such as BNP Paribas and ING to create trade finance alternatives.