Brazilian Bank Itaú Launches First Blockchain PoC Loan Platform

Itaú Unibanco, a largest private bank at Brazil along with Standard Chartered successfully develops, test and launches Latin America’s initial blockchain PoC for loans.

Blockchain PoC Loan Platform

As per the news, the proof of concept carries out via R3’s Corda Connect, an open source platform. They are focusing to simplify the procedure underpinning syndicate loans.

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Simultaneously, Itaú Unibanco is borrowing around US$ 100 million using a club loan. This is basically a small syndicate loan borrowing from Standard Chartered along with Wells Fargo.

This settling bank blockchain PoC uses a Corda Connect platform by an enterprise blockchain software company- R3. Moreover, members can monitor their loan agreement revisions and a pattern of approvals. Thereafter, this gives them a safe, transparent as well as paperless format.

While preserving a sequence of changes, users can subsequently track and audit modifications for a deal closure. The test simulations accomplishes at the stage of negotiation on the terms and conditions. However, this includes a loan agreement revision; a signatory procedure, deliver as per preceding stage agreement, along with a sign itself.

As per the banks, blockchain uses for negotiating likewise agreements removes an exchange of e-mails. Moreover, averts version control problems of agreements and let user use requirements for the transaction conclusion accomplish in real time.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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