Accenture Invests in and Forms Strategic Alliance With TradeIX to Help Digitize Global Trade
December 17 2019 - 1:59AM
Business Wire
Accenture Ventures makes minority equity
investment in TradeIX
Relationship extends Accenture’s trade, finance
and accounting solutions powered by distributed ledger
technology
Accenture (NYSE: ACN) has invested in and formed a strategic
alliance with TradeIX, 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. Terms of the equity investment were not
disclosed.
Current trade relies on time-consuming manual transaction
processes that can be costly and hard to reconcile. Distributed
ledger technology enables new ways to share data and the full
automation of finance and accounting processes, increasing
productivity and working capital while reducing overall risk for
banking parties.
“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.”
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. TradeIX is the latest
addition to the investment portfolio of Accenture Ventures, which
teams with and invests in companies that create or apply innovative
enterprise technologies.
Robert Barnes, CEO and co-founder of TradeIX, said, “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.”
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.
The World Economic Forum estimates that applying blockchain, the
most common type of distributed ledger technology, could result in
more than US$1 trillion of new trade in the next decade.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions — underpinned by the world’s largest
delivery network — Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With 492,000 people
serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
About TradeIX
TradeIX is an award-winning 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.
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. TradeIX is headquartered in Dublin with offices in
London, Kettering and Singapore and operations in Germany and the
US. For more information visit: https://tradeix.com/ and
https://www.marcopolo.finance/.
This document makes descriptive reference to trademarks that may
be owned by others. The use of such trademarks herein is not an
assertion of ownership of such trademarks by Accenture and is not
intended to represent or imply the existence of an association
between Accenture and the lawful owners of such trademarks.
Copyright © 2019 Accenture. All rights reserved. Accenture and
its logo are trademarks of Accenture.
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version on businesswire.com: https://www.businesswire.com/news/home/20191216005862/en/
Media: Jenn Francis Accenture +1 630-338-6426
Jennifer.francis@accenture.com
Alison Geib Accenture +1 703-947-4404
Alison.geib@accenture.com
Oliver Belin TradeIX +1 404 428 1024 oliverb@tradeix.com
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