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Blockchain platform finledger for the first time enables fully digital processing of promissory note loans

A cross-institutional team of DekaBank, dwpbank, DZ BANK and Helaba has succeeded for the first time in processing the issue of promissory note loans by exclusively digital means. In a pilot project, the four banks successfully processed the issue of a promissory note loan via the newly created Blockchain platform finledger. After completion of the pilot phase, the platform will also be made available to other banks. With this, the four banks for the first time establish a market standard for the digital processing of promissory note loans and make an inter-institutional platform available that enables them to address a broad group of customers.  

While existing solutions are already in a position to represent the structuring and placement of promissory note loans on digital platforms, finledger for the first time digitises the underlying handling processes. The Blockchain-based platform thus offers the possibility of carrying out all stages of the issue process digitally, including trade confirmation and document generation. In the future, finledger will also include the fully digitised assignment and termination of promissory note loans.

The finledger platform reduces the number of individual steps by more than 50% compared to the previous multi-stage handling process. The highly manual and time-consuming handling process is thus considerably simplified and accelerated. For example, it is no longer necessary to hold physical documents or send insured consignments in order to process the issuance of promissory note loans. Individual process steps can now be executed in seconds via finledger.

The use of Blockchain technology also reduces process risks and costs. The automatic authenticity check provides additional security for transactions and  corresponding certificates can be created digitally using the electronic signature. An overview of the individual transactions with the current processing status is seamlessly documented and transparently displayed via the platform.

The pilot project is the first step of finledger's two-stage go-live. In the next step, a transaction with a project-independent partner will be implemented. The technical implementation is carried out with the help of the IT service provider adesso AG.

Marion Spielmann, Head of Banking Divisions & Depository at DekaBank: "The possibilities opened up by the use of Blockchain take the promissory note loan product to a whole new level. Together with the other banks, we have now successfully implemented a digitisation project that allows our customers and us to handle the underlying processes entirely via the platform. This is a very good example of how digitisation can improve efficiency across entire process chains while at the same time also improving the appeal of a product."

Markus Neukirch, Member of the Board of Directors and Head of IT & Operations at dwpbank: "Together with our partners we set a new standard with finledger. As with other securities services in the German financial market, we play a central role in the digital processing of promissory note loans and bundle the implementation of technical requirements in our bank. At the same time, the platform is the basis for us to digitise further financial products with the help of Blockchain and to expand our range of services"

Peter Tenbohlen, Head of Operations at DZ BANK: "As digitisation progresses, our customers' need for digital services has also grown considerably. Thanks to the combined expertise of four banks, we now present a new platform through which trades can be processed fully automatically. We not only address our services to the customers of the participating banks, but will in future also make the platform available to the entire sector. Thus finledger sets a completely new market standard for the processing of traded promissory notes."

Dr Jürgen Wiedmann, Head of Information Technology at Helaba: "The successful conclusion of the pilot project sets the course for the industry-wide launch of the platform in the two-stage project phase. We have built on our initial experience in the digital placement of promissory note loans and focused on where existing solutions are reach their limits. For Helaba, finledger is another success in a series of digitisation initiatives."

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