R3 has closed what it’s calling the largest open-account trade finance trial ever conducted on its Corda platform.

This trial included more than 70 organizations from more than 25 countries. Upwards of 340 participants from those organizations were involved and came out from sectors like financial services, information technology, telecommunications, logistics, the maritime industry, real estate, hospitality and the automotive industry.

The trial tested working capital applications developed by TradeIX and focused on the receivables finance product on Marco Polo’s platform, TradeIX announced Thursday. Accounts receivables financing, also called factoring, is where a business sells account receivables to a third party at a discount in return for immediate cash payment.

The aim of the product is to increase connectivity and efficiency while decreasing onboarding costs. Marc Polo claims that more than 700 funding requests were completed in the trial with user training only requiring a day of participants time on average.

Founded by blockchain companies R3 and TradeIX, Marco Polo aims to create real-time settlements and transparency in trading relationships. In September, Bank of America, Mastercard and automaker Daimler joined the network. It executed its first Russia-Germany transactions in October.

In November, Bank of New York Mellon became the 28th bank to join the network because of how R3’s platform is tailored for open account financing, the bank’s global head of trade finance Joon Kim said. (In open account transactions, the goods are shipped and delivered before payment is due; with letter-of-credit financing, the bank guarantees a buyer’s payment ahead of time).