Blockchain Firm TradeIX, Accenture Partner To Help Digitize Global Trade

Blockchain, News | December 17, 2019 By:

Professional services giant Accenture has invested in and formed a strategic alliance with blockchain trade finance platform TradeIX. Terms of the equity investment were not disclosed.

Accenture provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. In 2019, the company reported net revenues of $43.2 billion, with more than 492,000 employees serving clients in more than 200 cities in 120 countries.

TradeIX is a Dublin-based company whose open platform uses distributed ledger technology to facilitate the flow of goods, services, transactions and information within a secure environment for global trade. Some of the smartest financial institutions and companies in the world work with TradeIX, including BNY Mellon, Bank of America, BNP Paribas, Commerzbank, ING, LBBW, Standard Chartered Bank, AIG, Oracle, DHL and many other Fortune 500 companies from various industries.

Under the agreement, the two firms will work together to bring to market new use cases, beyond banking, to address the needs of buyers and sellers within trade finance. They will develop touchless finance processes, such as procure-to-pay and order-to-cash.

“Building on TradeIX’s solid foundation across the banking community, this relationship will help companies unlock trapped value in data silos across key operational processes, such as finance, accounting and supply chain,” said Melanie Cutlan, managing director of blockchain services for Accenture Operations. “Our goal is to scale this capability to help organizations achieve touchless payable and receivable processes within a secure and trusted environment — ultimately transforming how they conduct business with each other.”

According to the firms, the initiative will further expand the Marco Polo Network, a joint undertaking of over 30 major banks, corporations and technology providers enabling simple, secured sharing of trade-related data between financial institutions and their corporate clients, to include buyers, suppliers, logistics and other entities. Accenture will also serve as a preferred implementation partner for the Marco Polo Platform.

“With our global footprint expanding exponentially across both banks and their corporate clients, this alliance with Accenture is instrumental in us achieving our ambitions in making trade more transparent, smarter and better connected internationally,” said Robert Barnes, CEO and co-founder of TradeIX.