U.K.-based bank Natwest will integrate a new blockchain platform based on R3 Corda technology for use in the syndicated loans market, financial news platform Mondovisione reports today, October 18. The new platform, dubbed “Fusion LenderComm,” was developed by blockchain consortium R3 and fintech enterprise Finastra, and aims to streamline the global market for syndicated loans — loans whose size or degree of risk means that more than one lender underwrites them, as part of a “syndicate” of two or more financial institutions. Natwest’s move comes roughly a year after a pilot of the platform was undertaken with participation from several …
Blockchain consortium R3 and global IT leader Wipro Limited have developed a blockchain solution prototype to enable digital currency for interbank settlements in Thailand, according to a press release from May 7. The release states that the solution will be used by the country’s central bank, the Bank of Thailand (BoT), and eight local commercial banks to enable decentralized interbank real-time gross settlement using a wholesale central bank digital currency (CBDC). As a part of the first phase of the project, dubbed Inthanon, the solution is based on R3’s open source blockchain platform Corda, and intends to expand the technological …
Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has carried out a blockchain-based syndicated loan of $150 million, U.K.-based global financial news agency Finextra reports Wednesday, Nov. 7. The syndicated bank transaction has been conducted on a private blockchain network through a group of three funding banks including French banking group BNP Paribas, Japan’s bank holding Mitsubishi UFJ Financial Group (MUFG), and BBVA. Acting as the sole underwriter of the transaction, BBVA also secured the participation of a partly state-owned Spanish company Red Eléctrica de España, as well as two legal advisors, U.K.-based multinational law firms Linklaters and Herbert …
Two major United Kingdom banks — Barclays and Royal Bank of Scotland (RBS) — have joined a trial using blockchain to streamline real estate purchasing after rethinking the technology’s potential, Bloomberg reported on April 4. The trial, which involved a total of 40 participants, used a tool from Instant Property Network (IPN), a startup using enterprise blockchain group R3’s Corda platform. Introducing blockchain into the real estate exchange arena worldwide could result in savings of $160 billion, IPN told Bloomberg, with the previously skeptical banks appearing to warm to this specific use case for blockchain. “We are near the end …
German banking and financial services company Commerzbank and technology companies Continental and Siemens have jointly conducted a money market security transaction pilot using blockchain technology. Cointelegraph auf Deutsch reported on the development on Feb. 21. Money market securities are short-terms assets that serve for financing companies and usually have a maturity of one year or less. Usually, the processing of a payment takes two days due to a clearing process. The aforementioned parties “for the first time” conducted a blockchain-based money market security transaction worth 100,000 euro ($113,340) within a pilot project in January, where Continental acted as the issuer …