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Finastra, R3 and seven banks to create DLT platform

First Published 5th October 2017

Finastra, R3, BNP Paribas, BNY Mellon, HSBC, ING and State Street to create Distributed Ledger Technology platform for syndicated lending community

London and Toronto - Finastra and seven 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 aims to reduce the operational cost and burden of agent to lender administration and deliver self-service capabilities to lenders, providing 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.