Accenture Will Board Corporates Onto Marco Polo Shipping Blockchain

Accenture plans to help TradeIX create new use cases beyond banking for buyers and sellers within trade finance after backing the Marco Polo tech partner.

AccessTimeIconDec 17, 2019 at 7:00 a.m. UTC
Updated Sep 13, 2021 at 11:50 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 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. Since its unveiling, the network has added a number of major names in finance and related industries, with Bank of America, Mastercard and automaker Daimler joining the network in September. In November, Bank of New York Mellon became the 28th bank to join the network.

For its part, Accenture was tapped by Sweden’s central bank to develop its e-krona digital currency pilot earlier this month. The firm also lent tech support for a trial between the central banks of Canada and Singapore conducting cross-border payments using digital currencies and blockchain. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.