BlockchainFinancial ServicesMarket

Blockchain Solution for Syndicated Loans Demonstrated by Financial Institutions

Synaps Loans LLC has announced the successful demonstration of the first working blockchain solution for syndicated loan servicing. Blockchain consortium R3‘s Lab and Research Center managed the proof-of-concept testing of the system, which was exclusively developed by Synaps, a joint venture of Ipreo and Symbiont. Credit Suisse helped arrange the project, which included participation from key agent banks, service providers, and fund managers.

Combining Symbiont’s smart contract technology and Ipreo’s new business process solution Synaps helps speed loan trade settlement. Nineteen firms participated in the demonstration, including Barclays, BBVA, Danske Bank, LSTA, Royal Bank of Scotland, Scotiabank, Societe Generale, State Street Corporation, TenDelta LLC, U.S. Bank, and Wells Fargo. Influential buy-side firms AllianceBernstein (AB), Eaton Vance Management, KKR, and Oak Hill Advisors were also involved in the initiative.

 

READ MORE OF THE ARTICLE AT CHAIN-FINANCE.COM

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
Free AllCoinsNews Email Updates
Get the latest cryptotoken market news and blockchain developments!
We respect your privacy.