A British financial software firm Finastra has signed French global banks on its blockchain-based syndicate loans platform.
The banks include BNP Paribas, Natixis and Societe Generale who will be joining Finastar’s Fusion LendComm platform which will enable banks to instantly share credit agreement, accrual balances and position data to lenders.
According to Cecile Bartenief, Chief Operating Officer of Global Banking and Investor Solutions at Socieete Generale, believes that Fusion LenderComm will bring more transparency and operational efficiency to the syndicated loan market.
Fusion LenderComm is based on R3 Corda’s Blockchain which has in the past on-boarded several international banks on one or more of its platforms such as Brazilian bank Banco Bradesco, ING and the Sumitomo Mitsui Banking Corporation.
