Marco Polo Network is a trade and working capital finance network that drives innovation and provides an open enterprise platform. Powered by Corda, it used a Blockchain-based solution for the secure exchange of data and assets. Amongst its members one can find BNP, ING and Microsoft, and most recently, Mastercard. The Marco Polo Network’s objectives involve increasing the potential for global trade and improve the access to liquidity, through interoperability, collaboration and automation. By trusting Marco Polo Network, Mastercard is choosing to have faith in Blockchain technology, thereby potentially influencing further collaborations.
The underlying similarity is how, through inspiring trust, a set of reputable actors from the Financial Sector are coming together to unlock a vast trading network, empower relationships and facilitate dealing. By having Mastercard join the group, it is evident that the Blockchain backed network has enough influence in the sector to attract major companies in the Financial and Technology industries. Mastercard is present in more than 210 countries in the world and by having access to secure and reliable information, they will be able to optimise trade and capital finance. By increasing transparency and connection, relationship between parties will be simplified and this will allow for accelerated business, improved quality for parties and a better customer experience from an end to end perspective.
R3 has once again built a bridge across companies to help them move forward in this ever-changing, technology driven world. By partnering with Marco Polo and using R3’s solution, Mastercard will massively reduce the time they take in vetting, their onboarding processes of trading partners and will simplify their end to end payment workflow.
Mastercard joining the Marco Polo Network is one step closer to having a real, agile and globalized Blockchain technology implemented across a variety of sectors, in order to optimise our day-to-day, leading to an easier and more dynamic routine.