Accenture Forms Strategic Partnership with TradeIX, Joining the Marco Polo Network
Professional services firm Accenture has partnered with TradeIX to create new use cases for the buyers and sellers in the trade finance market. TradeIX, a trade finance blockchain startup, previously launched the Marco Polo Network along with R3.
It was announced earlier that Accenture Ventures had invested an undisclosed amount in TradeIX, while Accenture also became a strategic partner with Marco Polo in preparation for its launch in 2020. The network will help corporations integrate their technology with a blockchain system.
“We’re processing many of these transactions already, leading the way with AI, analytics, and automation to get to more streamlined processing. With DLT, Accenture has been focused on financial services infrastructure, supply chain, and digital identity – this hits the core of all three of those,” said Melanie Cutlan, the Managing Director of the Blockchain Services for Accenture Operations.
Robert Barnes, the CEO and co-founder of TradeIX, said, “As we talked to more corporates, it became apparent there was more that we could be doing. We’re looking to enhance the data between buyer and seller... including inventory information, invoice and purchase orders, advance and shipping orders, and working with contracts on the chain.”
Recently, TradeIX announced the completion of its largest open-account trade finance trial to date on the Marco Polo Network with more than 70 organizations. Some of the significant financial corporations, including Bank of America, Mastercard, and Bank of New York Mellon, became a few of the new members of the network.
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