Factorizable maps and traces on the universal free product of matrix algebras

We relate factorizable quantum channels on $M_n$, for $n\ge 2$, via their Choi matrix, to certain correlation matrices, which, in turn, are shown to be parametrized by traces on the unital free product $M_n\ast M_n$. Factorizable maps that admit a finite dimensional ancilla are parametrized by finite dimensional traces on $M_n\ast M_n$, and factorizable maps that approximately factor through finite dimensional C*-algebras are parametrized by traces in the closure of the finite dimensional ones. The latter set is shown to be equal to the set of hyperlinear traces on $M_n\ast M_n$. We finally show that each metrizable Choquet simplex is a face of the simplex of tracial states on $M_n * M_n$.