Blockchain Technology is gaining momentum at such a pace that it has its very own award in the FinTech Breakthrough contest. Because, indeed, FinTech and blockchain seems to have a brilliant future ahead. This year, the prestigious award has gone to London based Finastra, which has been bestowed ‘best use of blockchain’ in Fintech for its solution Fusion LenderComm – a platform designed to streamline communication between agent banks and lenders in the syndicated loan market.
“Fusion LenderComm was developed to reduce the cost and burden of agent-to-lender administration, enabling lenders to see accurate information on demand so they can optimize their syndicated loan portfolios,” said Grant Jones, Vice President, LenderComm, Finastra. “The syndicated loan market is plagued by inefficiency and a lack of transparency and is in need of bold innovation like Fusion LenderComm. We’re honored this platform is getting the level of attention and recognition that it is.”
Developed and piloted in conjunction with some of the world’s 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 Fusion Loan IQ. It empowers lenders with a self-service platform designed to remove administratively heavy queries that burden agent banks – helping drive down operating costs – and provides secure, real-time data and a golden source of truth between agent banks and lenders.
“We are firmly attuned to the technologies that are shaping the open innovation future in financial services. From global hackathons to our innovation factory – Fusion Reactor – we’ve established a culture where grassroots ideas can thrive. And not just within Finastra: we believe that many of the best ideas come from outside. Our collaborative ecosystems enable co-innovation and co-creation with customers, partners, fintechs and universities, helping us to deliver the solutions for the future, either on-site or as a service,” the company said.
FinTech Breakthrough is an independent organization with an awards platform covering a range of categories across lending, payments, personal finance, wealth management and more. Entries are judged by a panel of senior-level Fintech professionals that have worked within the financial services space, including journalists, analysts and technology executives with experience in a range of financial technologies and perspectives. This year the awards received 3,500 nominations.
Despite Finastra, other innovative names in the industry such as American Express, who won Best Credit Card Payments Solution; Twine who was awarded Best Overall FinTech Mobile App and CiT Bank, for Best Personal Finance Company were some of the winners too. A full list of winners can be found here.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.