PURCHASE, N.Y.—Mastercard is now partnering with the Marco Polo Network, a trade and working capital finance network, the company announced.
The network – and its more than 25 member banks – are working to unlock what the World Trade Organization has identified as a potential $1.5 trillion opportunity in global trade finance.
“Mastercard Track, a B2B global trade enablement platform, and the Marco Polo Network are collaborating to provide more businesses with access to Marco Polo’s trade and working capital finance solutions. Companies of all sizes will benefit from better visibility into trading relationships and easier access to financing options, beyond point to point relationships, to a global network of trading parties,” Mastercard said.
Launched in the fall of 2018, Mastercard Track unifies access to business identity information through a secure, permissioned repository of more than 210 million registered entities worldwide. Interoperating with leading business to business digital providers, Mastercard Track reduces the time it takes for businesses to identify, vet and onboard new trading partners – and simplifies the end-to-end payment process.
Critical Information
Better and faster access to critical information will work as a catalyst for businesses using the Marco Polo network – which is powered by Corda blockchain technology from enterprise software company R3 – to tap into working capital provided by global financial institutions.
“When there is trust, there will be trade”, commented Claire Thompson, EVP Enterprise Partnerships at Mastercard. “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. We’re excited about scaling a connected digital trade ecosystem together.”