BNP Paribas, BNY Mellon, HSBC, ING and State Street have joined the global community, with real-time data already exchanged between agents and lenders in the pilot phase. The solution is called Fusion LenderComm and it is underpinned by Corda, R3’s distributed ledger technology (DLT) based platform. It exposes real-time credit agreement, accrual balances, position information and detailed transaction data to lenders, directly from agent bank loan servicing platforms such as Finastra’s Fusion Banking Loan IQ.
The pilot phase enabled agent banks to publish loan data to the DLT platform, to extend these self-service capabilities to lenders. Data is transferred within Fusion LenderComm using Corda, the financial grade distributed ledger. The Fusion LenderComm platform is expected to launch in 2018.
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