Mastercard has joined blockchain-powered Marco Polo, a consortium working to streamline worldwide trade.
Revealed on September 3, the payments tycoon’s business-to-business worldwide trade unit, Mastercard Track, will offer an access point to working capital finance platform of Marco Polo, which works within a $1.5 trillion market, as assessed by the World Trade Organization.
Founded by companies R3 and TradeIX, Marco Polo employs the former’s Corda blockchain platform. The organization guarantees real-time connectivity, more prominent visibility for trading connections, and lower boundaries to accessing capital.
Since its establishment in 2017, the network has pulled in support from major financial institutions like BNP, Commerzbank, and ING. It presently has over 25 members.
Mastercard Track was created with Microsoft’s Azure cloud service and founded last year. The platform gives recognizing, verifying and onboarding services for over 210 million enlisted institutions globally.
“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,” TradeIX managing director Daniel Cotti said in a press release.
Still in a pilot stage, Marco Polo has been gradually introducing trade transaction services. A third party to a trade activated a real-time payment to a provider as the products cleared out for their destination in August.