Tech Mahindra, a major Indian organization is extensively using blockchain technology to improve the Indian Crypto Market. In Feb 2020, the company collaborated with the Indian State of Telangana to launch a new initiative “blockchain acceleration.” The platform aimed to provide financial support and information about blockchain technology to startup organizations.
In Sep 2019, the company had joined hands with Adjust, the blockchain-powered tech origination based in the US, to reshape the Insurance and financial sectors.
Tech Mahindra Accelerates Payments
Following the same legacy, the firm has joined the Marco Polo Network to accelerate cross border payments using blockchain technology.
The Marco Polo platform is supported by major financial companies, Corda. The platform reduces the burden of paperwork that required for the entire transaction cycle, by digitizing the document process.
Rajesh Dhuddu, Global Head of Blockchain, Tech Mahindra stated:
“Tech Mahindra will collaborate with DBS to move its Receivables Financing operations on the Marco Polo network. This move is in line with the general shift towards Open Accounts Trade and by extension to integrated Supply Chain Finance solutions. The move will help Tech Mahindra to achieve process optimization for this activity as a result of reduced handling of physical documents, reduced reconciliation, and resultant dispute reduction. As a part of our TechMNxt charter, we are focused on leveraging next generation’s technologies to deliver an enhanced experience to our customers globally”
The platform successfully handles every transaction faster by removing uncertainty. Singapore’s DBS Bank also supported the company in transferring the payments. The organization employed the Marco Polo Receivables module which is built to assist firms to enhance their business assets, increase liquidity and decrease credit uncertainty.