MasterCard has announced that it is now the member of R3’s Marco polo Network, which is the joint project of R3 and Ireland’s TradeIX.
The Marco Polo Network is powered by Corda Blockchain Technology from software company R3. Marco Polo network promises a multi-asset platform for multicurrency transactions with real-time connectivity, broker-dealer services, and more visibility with lesser blockades for accessing capital.
Marco Polo’s finance platform, which is a big player with $1.5 trillion markets, will open its access to the MasterCard as a part of its membership. After its launch in 2017, it has formed a strong network of 25 plus members from major financial institutions like ING, BNP, Standard bank Africa, Commerzbank, and many more.
MasterCard Track which was launched in 2018 is a B2B global trade platform. It has been developed byAzure cloud service of Microsoft. It offers vetting, onboarding, and identifying services to its huge clientele of 210 million across the globe with end to end payment process.
Faster and better access to critical data through the MasterCard will ease the business transactions using the Marco Polo network.
“The vast reach of the network of MasterCard will complement and enable the financial providers who have pioneered in the growing phase of the network,” Daniel Cotti, a managing Director TradeIX quoted.
“When there is trust, there will be trade, we are excited to share mutually connected digital trade ecosystem,” said Claire Thompson, EVP Enterprise Partnership at MasterCard.
Jacques Levet, Transaction Banking Head EMEA, BNP Paribas, said that with this new addition, there will be more flow of information for the network members across the value chain, which will benefit everyone.
MasterCard has been keen on using Blockchain technologies. Last year it filed for many patents regarding monitoring of data of consumers transactions by Distributed ledger technology (DLT).
The new membership will improve the global trade of MasterCard and will ensure innovation in payments with optimized data security.