The UK bank NatWest announced its intention to use Blockchain technology to launch a syndicated loan market. The company aims to “dramatically transform and streamline the global syndicated loans market.” The new platform will begin operations in November.
Trish Arksey, Lending Program Director for NatWest, comments:
“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.”
According to NatWest, the traditional technologies that support loan business are outdated. This led to the fact that the loan market is “inefficient, costly to operate and heavily reliant on manual processes.”
Using Blockchain technology, in particular, Corda’s R3 distributed ledger technology, NatWest plans to provide secure and confidential messages between the parties to the transaction. DLT provides real-time transaction records, so participants can instantly access their data.
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