Mastercard has joined Marco Polo, a consortium that works to simplify world trade with blockchain technology.
Announced on Tuesday, the global business-to-business unit of payment giant Mastercard Track will provide an access point to Marco Polo‘s working capital financing platform, which operates within a $ 1.5 billion market, as estimated by the World Trade Organization.
Founded by the R3 and TradeIX startups, Marco Polo uses the old Corda blockchain platform. The network promises real-time connectivity, greater visibility for business relationships and lower barriers to accessing capital.
Since its launch in 2017, the network has attracted the participation of important financial institutions such as BNP, Commerzbank and ING. Now it has more than 25 members.
Mastercard Track was developed with Microsoft’s Azure cloud service and launched in 2018. The platform provides identification, research and incorporation services for more than 210 million registered entities worldwide.
“The scale and scope of Mastercard will complement and enable the large number of financial service providers that have pioneered the formation of the Marco Polo network in recent years,” said Daniel Cotti, managing director of TradeIX, in a statement Press .
Still in a pilot phase, Marco Polo has been slowly launching commercial transaction services. In August, a third party in an operation caused a real-time payment to a supplier when the goods left for their destination.
Mastercard image via Alina Kuptsova from Pixabay
This article is republished from dailycoin.info.