Finastra has made its blockchain-based Fusion LenderComm tool for firms operating in the syndicated lending market commercially available as an app on R3's Corda platform.
Fusion LenderComm, is designed to bring more transparency and efficiency to the heavily manual loan market.
It enables financial institutions acting as agents to publish loan data to the ledger and extend self-service capabilities to lenders. Through their own portal, agents can define and then publish lender-specific deal position data so individual lenders can drill down into the data without needing to query positions by phone, fax or email, as is typical today.
Finastra worked with R3 and seven global banks, including State Street, BNP Paribas, BNY Mellon, HSBC and ING, to pilot the technology.
While the Fusion LenderComm platform is an open utility available to everyone in syndicated lending, Finastra is now making it commercially available as a "low cost service" for firms acting as agent banks using its Fusion Loan HQ system.
Simon Paris, deputy CEO, Finastra, says: "We’re excited to be able to bring this to the wider market today. Our continued investment in technologies such as distributed ledger reinforce our commitment to working alongside other innovators, to bring our clients leading edge solutions that solve their most pressing operational challenges."