Finastra scoops FStech Award for Fusion LenderComm
Syndicated lending platform named Blockchain Project of the Year
London, UK, and Toronto, Canada, 23 March 2018 – Finastra has been awarded ‘Blockchain Project of the Year’ in the 2018 FStech Awards. The accolade recognizes Fusion LenderComm, Finastra’s Distributed Ledger Technology (DLT) platform that provides real-time frictionless exchange of deal information between agents and lenders to drive transparency, scalability and operational efficiency in the syndicated loan market.
Developed and piloted in conjunction with seven 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 Finastra’s Fusion Loan IQ.
“Our vision is to streamline processes and reduce costs in the syndicated lending community by creating a transparent, highly-secure, super-fast platform for exchanging information and ultimately transacting deals based on DLT,” said Robin Crewe, CTO, Lending & Transaction Banking at Finastra. “The level of interest in the Fusion LenderComm pilot has been significant and we are well on our way to critical mass as we move towards launch. We are extremely proud to be recognized for our innovative approach to improving efficiency in the syndicated lending market. We are committed to working closely with partners, like R3, to exceed our customers’ expectations and deliver technology solutions that make a real difference to the way they do business.”
The platform reduces the cost and burden of agent-to-lender administration and enables lenders to see accurate information on-demand so they can optimize syndicated loan portfolios. Agent banks benefit from greater operational efficiency through fewer phone calls, faxes and emails from lenders looking for deal information. Existing Loan IQ clients - who cover 43% of the global syndicated loan volumes - can have Fusion LenderComm up and running in a matter of days.
Mark Evans, Editorial Director at FStech said, “The awards are in their 18th year and continue to attract entries from hundreds of leading banks and solution providers in the financial services industry. This year was extremely competitive and we congratulate all the winners on their achievements.”
The FStech Awards recognize excellence and innovation in the field of information technology within the UK and EMEA financial services sector. Winning entries come from financial services institutions and technology suppliers who are leading the way in areas such as mobile, online, customer service, compliance, systems integration, IT partnerships, data management and distributed ledgers.
The full list of 2018 winners can be found here.
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Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.
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