NatWest leading the way on blockchain for loan management
NatWest is the first bank to integrate blockchain into a new syndicated lending platform, for which the bank will partner with Finastra.
The Fusion LenderComm platform will streamline the global syndicated loans market, which can involve hundreds of different lenders. The current technology has been deemed outdated, making the process inefficient and expensive – something NatWest wants to solve.
Trish Arksey, lending programme director at 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.”
Fusion LenderComm makes communications between lenders and agents more secure, as well as significantly speeding up the process and lowering the costs.
“NatWest will now be able to specify and publish lender-specific deal information to Fusion LenderComm in real-time, while its lenders can view this data which was previously only periodically provided by fax from agents or through telephone or email queries from lenders,” added Grant Jones, VP of Fusion LenderComm.
“This not only brings improved operational efficiency for NatWest and its lenders but it also brings much needed transparency to the syndicated loan market.”
The platform will go live from November 2018.