US financial services company Mastercard has joined the Marco Polo Network in a bid to enhance its trade financing offers.
According to a recently published news release from Mastercard, the firm’s Mastercard Track Platform for B2B worldwide trading is collaborating with the Marco Polo Network in order to expedite the development of working capital financial solutions.
Marco Polo’s Trade and Finance Solutions
Mastercard expects their latest partnership to help more businesses secure access to Marco Polo’s trade and finance solutions. It will also provide companies, regardless of size, the advantage of improved visibility into trading connections and smoother access to financing options that go beyond point-to-point exchanges and into a worldwide network of trade parties.
R3 developed the Corda-powered Marco Polo Network in conjunction with TradeIX, a tech company based in Ireland. The duo launched the network back in 2017.
The Marco Polo initiative implements a multi-asset class program that provides broker-dealer services, multiple currency transactions, and other services.
Claire Thompson on the Topic
Claire Thompson, Mastercard’s EVP of Enterprise Partnerships, says connecting their Mastercard Track Platform with Marco Polo will further lower the barriers to trade financing for all businesses. She also acknowledged the company’s excitement about “scaling a connected digital trade ecosystem” with the blockchain-powered network.
Aside from Mastercard, the Marco Polo Network also recently welcomes Standard Bank to its fold. Africa’s largest bank will reportedly be cultivating trade financial solutions together with fellow giants ING and BNP Paribas.
Marco Polo also on-boarded a trio of new members for evaluation and piloting purposes back in April. The group consisted of finance firm BayernLB, back-office service supplier S-Servicepartner, and Helaba, a bank based in Frankfurt.