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R3’s blockchain-inspired Corda platform is being put to the test in the Euro Debt Market and syndicated loan arena under separate field trials with a collective of international banks.
In New York and Sao Paulo, Itaú Unibanco has borrowed US$100 million through a Club Loan from Standard Chartered (SC) and Wells Fargo over the Corda shared ledger.
Under the Proof of Concept, the participants were able to monitor loan agreement revisions, comments and the sequence of approvals over the ledger and track and subsequently audit any changes in terms leading up the deal closure.
Germana Cruz – head of financial institutions Latin America at Standard Chartered says the process eliminates the exchange of e-mails, prevents version control issues of agreements and allows participants
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