Finastra, R3 and seven banks – including BNP Paribas, BNY Mellon, HSBC, ING and State Street – are working together to create a blockchain-fuelled online marketplace for the syndicated loan market.
Underpinned by Corda, R3’s distributed ledger technology (DLT) based platform, Fusion LenderComm exposes real-time credit agreement, accrual balances, position information and transaction data to lenders, from agent bank loan servicing platforms such as Finastra’s Fusion Banking Loan IQ.
As with any blockchain development, money comes up. They say the move will “slash the operational cost and burden of agent to lender administration” and provide “accurate information on demand to optimise loan portfolios”.
