Finastra, a London-based provider of financial services software, has announced the launch of its blockchain-based tool for syndicated lending market.

Fusion LenderComm is now commercially available as an app on R3’s Corda. The launch follows a successful pilot phase with major banks, syndicated lenders, and enterprise software firm R3.

“The successful completion of the Fusion LenderComm pilot – which included some of the leading syndicated lenders in the world – demonstrates strong momentum towards gaining critical mass for a global marketplace for syndicated lending and loan trading,” said Simon Paris, Deputy CEO at Finastra. “We’re excited to be able to bring this to the wider market today.”

Using this solution, financial institutions acting as agents would be able to publish loan data to the ledger and extend self-service capabilities to lenders. By digitizing communication with lenders, Fusion LenderComm helps save agents’ time and money and eliminates operational risk, thereby enhancing efficiencies in the process.

Powered by Corda, highly secure nodes on the Fusion LenderComm network maintain all transaction history, giving every lender a personal view of deals they participate in and a time-stamped audit trail.

“This is an enormous milestone for blockchain. As the first CorDapp to go live on Corda, Fusion LenderComm is a true example of how inefficient and time-consuming processes can be transformed through the power of blockchain technology,” David E. Rutter, CEO at R3, said. “Fusion LenderComm is designed to be fully interoperable with other CorDapps, allowing market participants to achieve further efficiencies and revolutionize the way they operate across different business functions.”