U.S. payment processor MasterCard has announced it has joined the Marco Polo Network, a trade finance network developed by R3 and based on the company's Corda protocol.
MasterCard unveiled its participation in the project on September 3 through an official statement. More than 25 banks have already joined the initiative, which was jointly launched in 2017 by R3 and Irish tech firm TradeIX.
Among other services, the network provides a multi-asset class platform offering brokerage services and multi-currency transactions.
MasterCard Track platform has collaborated with Marco Polo in order to facilitate further development and more working capital finance solutions.
IHodl has recently reported that Standard Bank, Africa's largest bank, has joined the Marco Polo Network.
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