Grant Jones, VP, Fusion LenderComm, Finastra

Finastra‘s Fusion LenderComm platform has attracted three more global banks to its blockchain campaign. The blockchain network aims to share information about syndicated loans, a market with $3.5 trillion of loans brokered in 2017 and heavily depending on up-to-date information for avoiding reconciliation and blackout periods.

Post Natwest, three banks including BNP Paribas, Natixis and Societe Generale are the latest to be welcomed on board.

Grant Jones, VP, Fusion LenderComm, 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. This is an historic step that brings leading global banks together on the platform in the live Fusion LenderComm environment, for seamless and secure information exchange. But more than that, this is an important inflection point, paving the way for the whole industry to come on board, achieving even further critical mass.”

According to the supplier, Fusion LenderComm aims to assist banks in exposing real-time credit agreement, accrual balances and position information data to lenders. It is based on Corda Enterprise, R3’s commercial version of its open source blockchain platform, Corda. The platform integrates seamlessly with the technology stack present at the banks.

Philippe Boulas, Global Head of Corporate Banking Operations at BNP Paribas said, “We have been fully supportive of the Fusion LenderComm initiative since the beginning as it prompts the major players of this industry to work together and improve the service we offer to our borrower-clients in terms of quality, reducing delay and costs.”

Cécile Bartenieff, Chief Operating Officer of Global Banking & Investor Solutions at Societe Generale said, “The Fusion LenderComm initiative will help provide greater transparency and operational efficiency to the syndicated loan market for the benefit of all participants, including the pool of banking lenders and our borrower clients. This is an illustration of how blockchain can help banks optimize the entire flow of financial operations in a standardized and secured framework.”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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