Finastra has been awarded ‘best use of blockchain’ in Fintech by FinTech Breakthrough for Fusion LenderComm – a platform designed to streamline communication between agent banks and lenders in the syndicated loan market.
“Fusion LenderComm was developed to reduce the cost and burden of agent-to-lender administration, enabling lenders to see accurate information on demand so they can optimize their syndicated loan portfolios,” said Grant Jones, Vice President, LenderComm, Finastra. “The syndicated loan market is plagued by inefficiency and a lack of transparency and is in need of bold innovation like Fusion LenderComm. We’re honored this platform is getting the level of attention and recognition that it is.”
Developed and piloted in conjunction with some of the world’s leading global banks, Fusion LenderComm is underpinned by Corda, R3’s DLT-based platform. It exposes real-time credit agreements, accrual balances, position information and detailed transaction data to lenders directly from agent bank loan servicing platforms such as Fusion Loan IQ. It empowers lenders with a self-service platform designed to remove administratively heavy queries that burden agent banks – helping drive down operating costs – and provides secure, real-time data and a golden source of truth between agent banks and lenders.
FinTech Breakthrough is an independent organization with an awards platform covering a range of categories across lending, payments, personal finance, wealth management and more. Entries are judged by a panel of senior-level Fintech professionals that have worked within the financial services space, including journalists, analysts and technology executives with experience in a range of financial technologies and perspectives. This year the awards received 3,500 nominations. A full list of winners can be found at https://fintechbreakthrough.com/.