NatWest is integrating a new blockchain-based platform that aims to dramatically transform and streamline the global syndicated loans market. The new platform is set to go live from November 2018.
The Fusion LenderComm platform aims to revolutionize communication between lenders and agents using blockchain technology to assure messages are secure and confidential. The platform has been built by Finastra and is underpinned by Corda – R3’s distributed ledger technology. The first phase has focused on real-time position reporting between lenders so all those involved can see their records at any time and there is a roadmap to transform all aspects of syndicated lending from deal set-up and syndicate building through to settlement.
The platform aims to dramatically reduce the amount of time taken to set-up syndicated loan arrangements for our customers – currently complex arrangements can take months to finalize. It also aims to achieve significantly reduce the ongoing cost of administration for lenders and a massive improvement in transparency.
Trish Arksey, lending program director for NatWest, said, “We are excited about the possibilities that this platform offers to transform the syndicated loan market. We are investing in cutting-edge technologies and working with our suppliers and partners to deliver first class customer service and efficiency to a market that has not changed significantly in the last 20 years.”
NatWest is a major retail and commercial bank in the UK. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. Since 2000, it has been part of The Royal Bank of Scotland Group.