Accenture Ventures, the venture arm of Accenture (NYSE: ACN), has invested in TradeIX, a Dublin, Ireland-based open platform that uses distributed ledger technology to facilitate the flow of goods, services, transactions and information within a secure environment for global trade.
The terms of the equity investment were not disclosed.
As part of the agreement, Accenture will work with TradeIX to bring to market new use cases, beyond banking, to address the needs of buyers and sellers within trade finance.
The companies will work together to develop touchless finance processes, such as procure-to-pay and order-to-cash. This initiative will further expand the Marco Polo Network—a joint undertaking of over 30 leading 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.
Led by Robert Barnes, CEO and co-founder, TradeIX is a technology provider and network operator of the Marco Polo Network driving innovation and change in facilitating the flow of goods, money and credit in global trade.
Financial institutions and companies 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 work with TradeIX.
The company also has offices in London, Kettering and Singapore and operations in Germany and the US.