Mastercard Joins Blockchain Revolution with R3’s Marco Polo Network for Trade Finance

Mastercard’s Bold Move

In an exciting twist in the world of trade finance, Mastercard has partnered with R3’s Corda-powered Marco Polo Network. The announcement, made on September 3rd, highlights Mastercard’s commitment to embracing new technologies and improving global trade efficiencies.

What is the Marco Polo Network?

Launched in 2017, the Marco Polo Network is a collaboration between R3 and Irish tech firm TradeIX. It aims to redefine how financial services operate in trade finance by offering a multi-asset class platform. This is not just a flashy title; it means that businesses can expect broker-dealer services and multicurrency transactions all in one seamless experience.

Mastercard Track: A Perfect Match

The real kicker here is Mastercard’s existing Mastercard Track platform. This platform already facilitates business-to-business global trade, and its partnership with Marco Polo is like peanut butter meeting jelly—two great tastes that taste great together. This collaboration is aimed at spicing up the development of working capital finance solutions, making it easier for companies to access the resources they need.

The Ripple Effect of Improved Communication

Notably, Jacques Levet, transaction banking head for Europe, the Middle East, and Africa at BNP Paribas, one of the members of Marco Polo Network, mentioned,

“Better flow of information across the whole value chain has the potential to drive significant benefits for all network members.”

This assertion underscores the importance of efficient information sharing in the trade finance world. A smoother flow of information could mean quicker transactions, reduced costs, and happier clients all around.

Growing Up in a Blockchain World

But wait, there’s more! Recently, Standard Bank—Africa’s heavyweight in banking—has also joined the Marco Polo Network. With companies like BNP Paribas and ING already in the mix, Standard Bank’s entry signals a powerful synergy of major global players working together to enhance trade finance solutions.

Earlier this year, Marco Polo ramped up its endeavors by bringing on three new members for piloting and evaluation purposes: BayernLB, Helaba, and S-Servicepartner. It appears the hype surrounding blockchain in trade finance is only going to grow.