Credit Suisse, Ipreo, Symbiont and R3 test blockchain system for syndicated loans

Credit Suisse, Ipreo, Symbiont and R3 have completed the successful initial stage of a project to demonstrate how blockchain technology can be used to improve the syndicated loan market.

The project was arranged by Credit Suisse, being managed by R3 in its lab and research center. It makes use of the technology solutions from Synaps Loans LLC, which recently collaborated with Symbiont’s leading smart contract technology. The project uses Ipreo’s new business process solution in order to speed loan trade settlement.

The test wasn’t limited to just those companies, however. R3 members BBVA, Danske Bank, Royal Bank of Scotland, Scotiabank, Société Générale, State Street, US Bank and Wells Fargo also took part in the initiative, as well as AllianceBernstein, Eaton Vance Management, KKR and Oak Hill Advisors.

“This demonstration sets us on a path to increase efficiency and reduce costs, which will benefit banks and clients alike. By connecting a network of agent banks through blockchain, we can achieve faster and more certain settlements in the loan market,” said Emmanuel Aidoo, the head of Credit Suisse’s blockchain initiatives.

The Proof of Concept will continue through the end of the year and will see participation from various agent banks, service providers, and fund managers.