Finastra, a platform for financial institutions to seamlessly integrate new technologies, announces that its blockchain-based solution, Fusion LenderComm, has been launched to the market. The information has been released by Finastra on April the 24th. Fusion LenderComm provides real-time frictionless exchange of deal iformation between agents and lenders to drive transparency, scalability and operational efficiency in the syncicated loan market.
Finastra Fusion LenderComm Blockchain Goes Live
The product has been in a pilot phase in which some of the most important leading global banks, syndicated lenders and software enterprises have been working together. Finastra’s solution drives transparency and efficiency in the syndicated loan market.
Simon Paris, Deputy CEO at Finastra, explained:
“The successful completion of the Fusion LenderCOmm pilot – which included some of the leading syndicated lenders in the world – demonstrates strong momentum towards gaining critical mass for a global marketplace for Syndicated lending and loan trading.”
With this solution financial institutions are able to act as agents in order to publish loan data to the ledger and extend self-service capabilities to lenders. Agents can define and then publish lender-specific deal position data to Fusion LenderComm, and everything performed through their own portal.
“We’re excited to be able to bring this to the wider market today,” said Mr Paris. “Our continued investment in technologies such as distributed ledger reinforce our commitment to working alongside other innovators, to bring our clients leading edge solutions that solve their most pressing operational challenges.”
Fusion LenderComm works by digitizing communication with lenders. In this way, agents save time and money and the operational risk is reduced.
According to Fréderic Dalibard, Head of Digital for Corporate & Investment Banking at Natixis, “by allowing the sharing of syndicated loans position data more efficiently between loan agents and participants, Fusion LenderComm addresses a key pain point by automating the costly manual process” involved in such sharing of information.
It is important to mention that Finastra’s Fusion LenderComm, has been named Blockchain project of the year at the 2018 FStech Awards.