Mastercard Is the Latest Member of R3’s Marco Polo Network
Mastercard, US based credit and debit card provider, has become a member of Marco Polo Network, established by blockchain software firm R3, which is known for its enterprise level financial platform Corda.
Mastercard disclosed its enrollment in the venture, a partnership between Irish software firm TradeIX – established in 2017 – and R3. The project offers a multi-asset class platform that facilitates multicurrency transactions, broker deal services, etc.
The company’s Mastercard Track platform, facilitating B2B global trade, has partnered with Marco Polo to fuel further development and create many more capital funding solutions. Jacques Levet, transaction banking head of Europe, the Middle East and Africa at BNP Paribas, which is also a member of Marco Polo Network, said:
“Better flow of information across the whole value chain has the potential to drive significant benefits for all network members.”
Of late, Standard Bank, which is Africa’s largest bank by overall assets, became a member of the Marco Polo Network. Standard Bank will create trade funding solutions along with top global financial institutions such as BNP Paribas and ING.
In April 2019, Marco Polo Network signed up three new firms – Frankfurt-based bank Helaba, BayernLB, and back office service provider S-Servicepartner – for trial and validation purposes.