Finastra, R3 and seven leading banks to create Distributed Ledger Technology platform for syndicated lending community
5 October 2017
BNP Paribas, HSBC and ING among those on board. Fusion LenderComm to deliver transparency into 10% of syndicated loan market from launch
London, UK, and Toronto, Canada, 5 October 2017 – Finastra and seven leading banks are working together to create an online marketplace to drive transparency and efficiency in 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 detailed transaction data to lenders, directly from agent bank loan servicing platforms such as Finastra’s Fusion Banking Loan IQ.
The move will slash the operational cost and burden of agent to lender administration and deliver self-service capabilities to lenders, providing accurate information on demand to optimize loan portfolios. BNP Paribas, BNY Mellon, HSBC, ING and State Street have joined the global community, with real-time data already exchanged between agents and lenders in the pilot phase.
To view the full press release, please visit Finastra.com