Tech Mahindra will use Marco Polo blockchain platform
Tech Mahindra, an IT division of the Indian conglomerate Mahindra Group, plans to use the Marco Polo blockchain platform based on the R3 Corda blockchain for international payments.
The platform allows you to quickly coordinate payments, and also reduces the amount of paper work and the time required for transactions. Tech Mahindra uses the services of Singapore DBS Bank as an intermediary for payments.
According to Sriram Muthukrishnan, head of the trade product management group at DBS Bank, the bank’s goal is to provide a complete product to its customers:
“Technology plays a major role in breaking down barriers in international trade and remains key to the growth of such operations. A joint initiative of Marco Polo and Tech Mahindra shows DBS Bank’s commitment to helping its customers improve their efficiency by converting manual and complex processes for trade finance transactions into digital form. ”
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Recall that last fall, Tech Mahindra entered into an agreement with the American blockchain company Adjoint to launch a solution for financial and insurance management.