After a pilot phase, a group of major banks, as well as financial institutions such as BNP Paribas, HSBC, ING, State Street and BNY Mellon, decided to launch a new loan market available on the distributed accounting platform ie based on the Blockchain technology) Corda.
This was unveiled by Finastra, a company formed by the merger of software companies D + H and Misys.
This initiative aims to create a new lending market where many lenders pool their assets to finance individual debts.
It is the Corda platform of R3 that will support this initiative.
It will administer the loans and share information on interest rates and other fees.

The head of BNP Paribas CIB’s financing solutions, Philippe Boulas, said:
“We believe Blockchain is appropriate for syndicated loans to offer a single position that is immediately updated when a contract is processed. For a more fluid procedure. “

Among other things, companies may need lenders who would be willing to bring liquidity to the markets.

The platform is called Fusion LenderCom and it now has its official website.
This information is remarkable because this year several banks have already tested applications for syndicated loan markets.

The Swiss bank Credit Suisse also launched a platform for this type of loan last spring that allowed companies such as State Street to participate.

The bank has been sleeping and already announced in August, that it expects a commercial scale version for next year.