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Tuesday 14 May 2019

Finastra's blockchain initiative looks to transform syndicated loans

finastraGlobal financial services technology provider, Finastra, has revealed that four major banks have just gone live on its blockchain based, Fusion LenderComm platform, following a successful pilot. The platform is built on R3’s open source, blockchain platform, Corda Enterprise. The system enables lenders to access credit agreement information, accrual balances and position data in real time, directly from the loan platforms of participating banks.

BNP Paribas, Natixis and Societe Generale were all part of Finastra’s pilot of Fusion LenderComm and were recently joined as participants by NatWest. The three founding banks have been collaborating in support of the initiative, in an effort to improve service quality, accelerate data flows and reduce costs associated with the lending process and the syndicated loan market in particular.

This is an interesting development and another example of the how the application of blockchain technology is helping to transform financial services business processes (see: HSBC selects CGI for trade finance transformation). In this case by facilitating information sharing between participants and optimising data flows in a secure environment. The initiative should help to provide greater transparency and operational efficiency to the syndicated loan market and thus benefit lenders and borrowers alike. Finastra's mission will now be to attract the wider banking community onto its platform.

Posted by Jon C Davies at '10:00' - Tagged: blockchain  

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