Marco Polo, the parent company to R3 Corda, is welcoming its third partner in as many weeks, as MasterCard joins its vast network. In August, the largest bank in Africa, South Africa’s Standard Bank, and Logwin AG, a logistics company joined the R3 Corda blockchain platform too.
MasterCard Joins Marco Polo
In an official press release, MasterCard confirmed they will be building a blockchain based solution to optimize financing and enhance global trade. The partnership between MasterCard Track, a business to business global trade enhancement program, and Marco Polo provides a broker-dealer relationship with the payment provider to allow businesses to explore the extensive working capital available on the blockchain.
Claire Thompson, EVP Enterprise Partnerships at MasterCard, said the platform will increase the level of trust between traders enhancing global trade. She said,
“By connecting our MasterCard Track platform with a leading group such as Marco Polo we’re further lowering the barriers to access trade finance for business of all sizes globally.”
The CEO of R3, the project behind Corda, David E. Rutter shared his enthusiasm for the partnership with MasterCard saying the future of B2B transactions lies in “integrated systems which break down silos and enable seamless interaction between services”.
David further said,
“Through this collaboration between the Marco Polo Network and MasterCard, I’m excited to see the opportunities to connect together and create more joined up, efficient and effective trade finance processes for both institutions and enterprises.”
MasterCard Already Deeply Rooted in Blockchain
MasterCard is taking a huge step in embracing blockchain as a solution in the payment industry – contrary to what many people may think. The company is among the forty one companies in the Libra Association, now joining a consortium of 25 members at R3. In August, the company announced the launch of its blockchain to reduce the amount of counterfeits in the luxury goods market.