French banking giants BNP Paribas, Natixis and Societe Generale have joined Finastra’s Fusion LenderComm, a blockchain-based platform.
The platform is based on Corda Enterprise, R3’s commercial version of Corda blockchain platform.
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The platform is developed to transform the communication between lenders and agents, and streamline syndicated lending process.
Fusion LenderComm allows the banks to expose real-time credit agreement to lenders directly from agent bank loans serving platforms.
The lenders will also receive real-time accrual balances and position information data. Additionally, it can integrate directly with the overall technology suite of the banks.
Finastra Fusion LenderComm vice-president Grant Jones 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.
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By GlobalData“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.”
In November last year, NatWest became the first bank to integrate with Finastra’s Fusion LenderComm.
R3 CEO David Rutter said: “Fusion LenderComm is quickly becoming recognised as one of the most advanced and forward-looking solutions for the syndicated loan market.
“There are exciting times ahead for the platform as more banks join at an accelerating pace. R3 is proud to facilitate the use of blockchain technology to provide lenders with access to many aspects of their positions in real-time.”
