Tech Mahindra, the Information technology subsidiary of Indian conglomerate Mahindra Group, has become the first Indian business organization to use R3's blockchain-based Marco Polo Network for conducting cross-border transactions.

It said the platform had resulted in faster reconciliation and ambivalence resolution, equally well every bit the significant reduction of paperwork and time required for the unabridged transaction cycle.

Tech Mahindra partnered with Singapore's DBS Banking concern, which facilitated the transactions and acted as the company's leading trade bank. The parties used the Marco Polo Receivables Discounting product which is designed to help companies optimise their working capital letter, improve liquidity and mitigate credit risk.

Marco Polo is a consortium of major global financial and cyberbanking institutions that aims to streamline international merchandise. The network is built on R3's open up-source blockchain platform Corda.

Distinct improvements to existing platforms

Sriram Muthukrishnan, group head of trade production management at DBS Bank, said that the bank'south goal is to provide a seamless terminate-to-end trade financing experience for its customers:

"Technology plays a monumental role in breaking down barriers in cross-border merchandise and will remain key in facilitating the continued growth of international merchandise and businesses. This joint initiative with Marco Polo and Tech Mahindra complements DBS' efforts to help our clients unlock greater efficiencies through the digitalisation of oftentimes manual and circuitous trade finance processes."

Tech Mahindra is exploring blockchain

Tech Mahindra is not new to blockchain technology and has its own specialized blockchain unit. Last month, the company launched a blockchain accelerator in partnership with the government of ane of India's states. The accelerator aims to foster blockchain startups that have stiff real-globe use cases and to boost industry growth overall.

In September 2022, the tech visitor partnered with American distributed ledger technology business firm Adjoint to launch a blockchain financial direction and insurance solution.