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Itaú Unibanco has borrowed $ 100 million through a club loan from Standard Chartered (SC) and Wells Fargo.
In parallel, Itaú Unibanco and SC successfully completed the development and testing of a blockchain club loan proof of concept (PoC) that accelerates club loan negotiation using the R3's Corda Connect platform.
"The PoC has demonstrated the potential of the blockchain to reduce costs and increase efficiency in the negotiation process of the agreement and at other stages of traditional transactions involving a club loan," says Germana Cruz, head of financial institutions of Latin America at the Standard Chartered.
Through the PoC blockchain, participants were able to track revisions of loan agreements, comments and approval sequence, as well as review every change before the agreement was closed.
The test simulations were conducted in three phases: negotiation of terms and conditions, including the revision of the loan contract; the signing process, delivering what was agreed in the previous phase; and the signature itself.
The banks argue that negotiating a blockchain agreement eliminates the exchange of e-mails, prevents problems checking version of the agreements and allows participants to ensure that the suspicious conditions are met in real time.
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