Professional services firm Accenture has partnered with global trade finance blockchain startup TradeIX, becoming an onboarding partner for the Marco Polo Network.
The agreement comes alongside an undisclosed investment by Accenture Ventures in TradeIX, the companies announced Tuesday.
Accenture will help TradeIX create new use cases beyond banking for buyers and sellers within trade finance.
"As we talked to more corporates it became apparent there was more that we could be doing," said Robert Barnes, CEO and co-founder of TradeIX. "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."
Accenture is a strategic partner with Marco Polo ahead of the network's launch in 2020 and will help corporations integrate their legacy technology with the blockchain system.
"We're processing of many of these transactions already, leading the way with AI, analytics and automation to get to a more streamlined processing," Melanie Cutlan, managing director of blockchain services for Accenture Operations said.
"With DLT, Accenture has been focused on financial services infrastructure, supply chain and digital identity - this hits the core of all three of those."
Last week, TradeIX announced that the Marco Polo network completed its largest open-account trade finance trial to date with more than 70 organizations.
For its part, Accenture was tapped by Sweden's central bank to develop its e-krona digital currency pilot earlier this month.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Accenture Will Board Corporates Onto Marco Polo Shipping Blockchain
Published on Dec 17, 2019
by Coindesk | Published on Coinage
Mentioned in this article
Mainstream crypto adoption and DeFi were the main topics discussed at the Hangzhou International Blockchain Week
The Hangzhou International Blockchain Week 2020, one of the largest blockchain and crypto conferences in China, put a heavy focus onto mainstream adoption, with influential figures from the industry discussing the ways hundreds of millions of users could be drawn to the space.
Cardano Foundation Warns About Suspicious Activities in Japan
The Cardano Foundation has warned that a suspicious firm is trying to rake in investments by claiming contact with the foundation.
Texas Regulators Take Aim at South African Cryptocurrency MLM Scheme
The Texas State Securities Board has successfully shut down the operations of an illegal cryptocurrency investment scheme.
Cointelegraph Exclusive: CFTC Moves Annual Fintech Conference Online
On July 9, LabCFTC, the fintech office of the Commodity Futures Trading Commission, announced that it will replace its annual one-day Fintech Forward conference with three separate online sessions under the series title Empower Innovation 2020.