Credit Suisse has been the leading supporter of a Blockchain project aimed at the syndicated loans market. A test has shown that the system works in principle and the bank has decided to further its development.
Credit Suisse (CS) and a string of other international banks successfully completed a second phase of a Blockchain project focused on syndicated loans, according to a report by «Coindesk».
The system was developed by Synaps, a joint venture of Symbiont and Ipreo. The latter is a fintech firm founded by Goldman Sachs and Blackstone. The Blockchain consortium R3 provided the supervision of the project.
Prominent Backers
CS enlisted the support of prominent companies to take part in the project phase, including Barclays, Royal Bank of Scotland, Société Générale, State Street, Danske Bank and Wells Fargo to name but a few.
After the successful completion of the tests, CS will team up with Ipreo to further develop the project: «Over the coming months we will work with Symbiont and Ipreo to implement the remaining functions to allow for distributed ledger technology to support a syndicated loan facility from origination to payoff, and work toward market adoption,» said Emmanual Adidoo, who is in charge of the Blockchain projects at CS, according to the report.
Rival Solutions
Rival financial-services companies also try to develop new technical solutions for the provision of syndicated loans, for instance Mizuho Bank of Japan, which teamed up with Microsoft.
