Global Debt Registry Launches Revolutionary Decentralized Registry for Lending Market Using IBM Blockchain
Jun 27, 2018 By: Payout Week
New York, NY June 27 – Global Debt Register (“GDR”) today announced the launch of its Loan Registry designed to verify and provide transparency of loan data on the cloud-based IBM Blockchain platform. All loan-level collateral positions and verification activities will now be recorded immutably on the decentralized ledger with highly secure permissions and access controls to provide new levels of efficiency to the asset-backed securities market. assets (ABS) of 400 billion dollars.
Currently, the ABS market depends on a large ecosystem of service providers over a long, siled supply chain beginning at loan origination. The process is riddled with repetitive tasks, exposing participants to slow transactions, errors, and inconsistent information. GDR’s decentralized ledger has over 700,000 loans registered to date, across multiple credit facilities, primarily focused on digital lending.
Several investment banks are using this blockchain platform to manage collateral positions more efficiently, across many originators, including the leading online lending platform, Avant.
“Avant is committed to serving its financial partners with innovative technical solutions to maximize transparency and ease of collateral management, as demonstrated by our use of GDR’s blockchain-based ledger,” said Kevin Friedrich, Vice President of finance and treasury from Avant, a leader in online credit. platform in the United States.
Built and tested on the IBM Blockchain Platform starter, the Decentralized Loan Registry provides authorized parties with access to trusted data throughout the loan lifecycle. By bringing this market into a distributed ledger environment, not only can market processes be optimized by reducing the need for intermediaries, but a higher level of transparency can also be shared between issuers and auditors.
“One of the strongest use cases for blockchain that IBM has seen working with hundreds of clients is its ability to trace the origin of a variety of financial assets,” said Marie Wieck, CEO of IBM Blockchain. “Global Debt Registry is a pioneer in loan origination and is using blockchain to reinvent the entire business model by providing all involved parties with a shared view of loan data. Ultimately, this will allow the market to preserve the integrity of these assets, proving the value of blockchain in streamlining manual and repetitive processes in these complex supply chains.
Global Debt Registry President Charlie Moore said, “We chose the IBM Blockchain platform because of IBM’s deep understanding of the needs of businesses in the financial services industry and the ability to test our solution. in a simulated environment. Loan tokenization and supporting loan data represent a huge opportunity to bring efficiency and speed to the structured credit industry. Blockchain-based loan records will not only improve asset integrity, but will also enable cost savings, automation through smart contracts, faster transaction execution, and new structured credit products.
About the Global Debt Register (“GDR”)
GDR is a private equity-backed FinTech company that provides loan-level management solutions for the structured credit markets. GDR’s SOC1 and SOC2 compliant infrastructure helps manage lending facilities through securitization more efficiently and enables lenders to attract more permanent capital. The company is led by a team of senior executives from Thomson Reuters, Credit Suisse, BlackRock, MBNA and Barclays. Further information can be found at www.globaldebtregistry.com.