Tech Mahindra – the IT-focused division of India-based corporation Mahindra Group – has reportedly successfully adopted R3 blockchain system Marco Polo Network to finalize cross-border transactions.

Specifically, the firm has disclosed a positive result of the initiative, with an enhanced reconciliation speed, ambiguity resolution, together with largely bringing down the amount of paperwork involved and the required period to complete the whole transaction cycle.

Tech Mahindra has reportedly teamed up with DBS Bank from Singapore, providing assistance in transactions facilitation, and become the leading trade bank for the company. 

The Marco Polo Receivables Discounting solution – particularly built to help firms achieve working capital optimization, liquidity growth and credit risk mitigation – has been utilized. 

Sriram Muthukrishnan – DBS Bank group Director of trade product management – reportedly claimed that the bank primarily looks to offer a seamless end-to-end trade financing experience to its clients. 

“Technology plays a monumental role in breaking down barriers in cross-border trade and will remain key in facilitating the continued growth of international trade 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 often manual and complex trade finance processes.”

Tech Mahindra has previously released a blockchain accelerator, via a collaboration with the government of one of India’s states, to offer support for blockchain startups in the region.