Finastra’s Fusion LenderComm on blockchain signs up three new big banks
Finastra has signed three global banks on its Fusion LenderComm platform: BNP Paribas, Natixis and Societe Generale, following a recent sign-up by NatWest.
“Nothing short of extraordinary”
“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,” says Grant Jones, VP, Fusion LenderComm, Finastra. “This brings global banks together on the platform in the live Fusion LenderComm environment, for seamless and secure information exchange.”
Fusion LenderComm is based on Corda Enterprise, R3’s commercial version of its open source blockchain platform, Corda. The firm says it is enabling banks to expose real-time credit agreement, accrual balances and position information data to lenders, directly from agent bank loan servicing platforms, such as Finastra’s Fusion Loan IQ.
Philippe Boulas, Global Head of Corporate Banking Operations at BNP Paribas, says: “With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion.”
Finastra says that Fusion LenderComm integrates directly into the overall technology stack at the banks.
Cécile Bartenieff, COO of global banking and investor solutions at Societe Generale, says: “The Fusion LenderComm initiative will help provide greater transparency and operational efficiency to the syndicated loan market for the benefit of all participants, including the pool of banking lenders and our borrower clients. This is an illustration of how blockchain can help banks optimise the entire flow of financial operations in a standardised and secured framework.”
