A New York-based blockchain technology firm has successfully completed a massive receivables finance test of its platform.
Reported by CoinSpeaker, R3 has carried out a test of its Marco Polo Platform entailing participation from over 70 organizations in more than 25 countries worldwide.
In an announcement from R3, it was made known the company tested its Marco Polo Platform for Open Account Trade Finance with participation from more than 70 companies and agencies spanning the hospitality, real estate, logistics, maritime, IT, telecoms, automotive, and financial services sectors.
Names included the Saudi British Bank, the Bank of East Asia, Sumimoto Corporation, and Commerzbank AG. The test ran across 25 countries in five continents and involved 340 active participants.
Testing Marco Polo’s receivables finance product, R3 hosted the trial on its Corda blockchain.
A press release from the firm explained, “Receivables Financing, also known as Factoring or Receivables Discounting, is a form of Receivables Purchase which allows companies to optimize their working capital, mitigate credit risk and improve liquidity.”
The purpose of Marco Polo and its receivables finance product is to empower businesses to sell receivables for cash. R3 said the innovation will lead to better interconnectivity between companies and cut onboarding risks.
During the test, over 700 funding requests were successfully carried out, with participants needing only an average one day of training to utilize Marco Polo. The trial concluded with a survey of companies that took part, with the general consensus being that R3’s innovation will be beneficial.
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