The American financial services company Mastercard has joined the blockchain trade finance network Marco Polo of the software company R3. This runs on the blockchain called Corda by R3.
In a press release released on September 3, Mastercard announced its intention to participate in the network project Marco Polo. This is a collaboration between R3 and the Irish technology company TradeIX and was launched in 2017. The initiative provides a platform for multiple asset classes. These include broker-dealer services and multi-currency transactions.
Mastercard’s Mastercard Track platform, which focuses on global business-to-business trading, has worked with Marco Polo to develop Marco Polo’s evolution and other asset finance solutions.
Recently, Standard Bank, Africa’s largest bank by balance sheet, joined the Marco Polo network. Standard Bank will now develop trade finance solutions in conjunction with large global financial institutions, such as the French bank BNP Paribas and the Dutch bank ING.
In April, Marco Polo added three new members for pilot and valuation purposes: BayernLB, Frankfurter Bank Helaba and the back office service provider S-Servicepartner.