Finastra has added BNP Paribas, Natixis and Societe Generale to its blockchain-based platform for the syndicated loans market.
The Fusion LenderComm platform, which has been developed in collaboration with R3’s Corda technology aims to streamline the process of syndicated lending using distributed ledger technology (DLT) to reduce the cost and burden of agent-to-lender administration.
The new banks participated in a pilot for the technology alongside existing banks NatWest, HSBC and BNY Mellon.
Grant Jones, vice president of Fusion LenderComm at Finastra, said: “All of these banks were part of our Fusion LenderComm pilot and the momentum that the platform has seen since then is nothing short of extraordinary.”
He added that the collaboration marked an “an important inflection point, paving the way for the whole industry to come on board, achieving even further critical mass”.
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