The Fusion LenderComm platform has been built by Finastra and is underpinned by Corda, R3’s distributed ledger technology. The first phase has focused on real-time position reporting between lenders so all those involved can see their records at any time and there is a roadmap to transform all aspects of syndicated lending from deal set-up and syndicate building through to settlement.
The platform aims to dramatically reduce the amount of time taken to set-up syndicated loan arrangements for our customers. It also aims to achieve significant reductions in the ongoing cost of administration for lenders and a massive improvement in transparency.
Trish Arksey, Lending Programme Director for NatWest, says: “We are excited about the possibilities that this platform offers to transform the syndicated loan market. We are investing in cutting-edge technologies and working with our suppliers and partners to deliver first class customer service and efficiency to a market that has not changed significantly in the last 20 years.”
“The syndicated lending industry relies on costly, manually-intensive processes, making it ripe for innovation with blockchain technology. Fusion LenderComm, powered by Corda, has been proven to address these issues,” says David E. Rutter, CEO at R3.
“The solution delivers immediate efficiencies and reduces costs for both agent banks and lenders. We have enjoyed working closely with NatWest and Finastra along with the many other leading institutions involved in this project. Now the focus shifts to the next phase as together we bring Fusion LenderComm into production.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.