Syndicated loan platform founded by BofA, Citi, JP Morgan logs 1,500 loans
Summary
Bank of America, Citi, Credit Suisse and J.P. Morgan founded the company to move away from manual processes. The solution uses Digital Assets DAML smart contract language for workflows and Versana is part of the Canton blockchain network for interoperability.Syndicated loans are inherently messy from a data administration perspective. While the borrower might only liaise with the arranging bank, the massive loans are sliced and diced amongst numerous lenders. This step of connecting the network is a huge one on the path to digitize data flow leading to continued improvements in operational efficiencies and transparency for our clients.In March, four more major institutions joined the $40 million funding round for Versana. They are Deutsche Bank, Morgan Stanley, U.S. Bancorp and Wells Fargo.Versana isnt the first to digitize syndicated loans.