Top banks teaming up for a blockchain-based syndicated loans platform

Seven of the world’s top banking groups, including HSBC, ING and BNY Mellon are joining forces to create a platform for syndicated loans based on blockchain technology. The blockchain service will be provided by R3 (a popular blockchain consortium) and Finastra (a UK financial software company). The service starts with Fusion LenderComm, an online marketplace that will use blockchain’s distributed ledger technology to reduce cost and improve on the efficiency and transparency of loans with multiple lenders. So far, the work in the syndicated loans was done manually. “The community of banks already on board covers approximately 10 per cent of the… [Continue Reading]

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