Tech Mahindra Joins DLT-based Trade Finance Network Marco Polo
Tech Mahindra Ltd. joined the Marco Polo trade finance network to use the platform’s distributed ledger technology (DLT) for developing improved international trade finance solutions for its customers.
Singapore-based DBS Bank acted as Tech Mahindra’s leading trade bank.
The Marco Polo Network allows members to offer and access a complete suite of trade and working capital solutions. It will provide reduced handling of physical documents, reduced reconciliation and resultant dispute reduction.
The India-based tech giant intends to replace the costly and inefficient paper-based systems to conduct trade with the blockchain-powered trade financing platform Marco Polo.
Tech Mahindra will collaborate with DBS to move its Receivables Financing operations on the Marco Polo network.
A series of digitized trade finance transactions were completed utilizing the Marco Polo Receivables Discounting module as part of the tripartite partnership.
The Marco Polo Network offers its members access to risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs.
The network connects 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.
Tech Mahindra joins global banks and financial institutions on the network including Bank of America, BNY Mellon, Mastercard, ING, BNP Paribas, NatWest, Standard Chartered Bank, Natixis, Raiffeisen Bank, National Australia 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.
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