MasterCard has now officially announced that it has joined blockchain focused consortium, Marco Polo. MasterCard will now make use of and connect to Marco Polo’s capital finance service through its global trade unit, MasterCard Track. The unit was officially launched last year, after development through Microsoft’s Azure cloud computing service.
The Marco Polo project is the brainchild of a collaboration between R3 and TradeIX and runs on R3’s Corda blockchain framework. It was officially launched back in 2017 and has recorded commendable success and fascinated a number of financial and corporate institutions worldwide including BNP Paribas, the ING Group and Commerzbank.
According to a TradeIX managing director, Daniel Cotti, MasterCard’s already established influence and power, will also help considerably expand the Marco Polo network, Cotti said:
“The scale and reach of MasterCard will complement and enable the large number of financial service providers who have pioneered the formation of the Marco Polo network over the past couple of years.”
Marco Polo now has more than 25 member institutions and is constantly looking to expand. Last month, Marco Polo successfully piloted a transaction process which allowed said transactions to be initiated by a third party, allowing it to kick off payment to a seller as soon as it received real-time confirmation that the required goods were already on its way to the buyer.
Marco Polo’s finance platform is one of the biggest players in a $1.5 trillion market, according to the World Trade Organization.
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