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Mastercard Joins DLT-based Trade Finance Network Marco Polo

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Payment solutions giant Mastercard joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT).

Mastercard Track, a B2B global trade enablement platform, will be integrated with the Marco Polo network to provide global businesses of all sizes access to Marco Polo's trade finance and working capital solutions.

Mastercard Track, launched in the fall of 2018, unifies access to business identity information through a secure, permissioned repository of more than 210 million registered entities worldwide.

Marco Polo is a trade network connecting banks, corporates and third party service providers, powered by enterprise software firm R3's Corda blockchain platform and the distributed trade finance platform from Irish technology firm TradeIX.

Mastercard joins other banks and financial institutions on the network including ING, BNP Paribas, NatWest, Standard Chartered Bank, and Commerzbank.

Launched in 2017, Marco Polo is a bank focused network of platforms offering ERP-embedded trade and working capital finance applications to their corporate clients. It is powered by open Application Programming Interfaces (APIs) and Corda blockchain technology.

Recently in March, Germany's Commerzbank and LBBW successfully piloted the digitization of commercial transactions based on blockchain's DLT. The transactions were executed and processed using the Marco Polo trade finance network on R3's Corda blockchain platform.

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