For loan agents and securitization
Settlement in minutes, not weeks.
Primary and secondary loan settlement, agent distributions and securitization waterfalls as conditional releases on one shared record.
The pain today
Loan settlement is measured in weeks; waterfalls are spreadsheets.
Syndicated loan trades settle in a median of weeks because every party keeps its own record and payment waits for all of them. Securitization distributions are computed and paid by hand from a document nobody's system enforces.
The primitive that removes it
One record, conditional releases, final in bank money. The agent's record of holdings plugs in as an asset leg; a trade settles delivery-versus-payment between the buyer's and seller's banks. Distributions and waterfall payments are rules the policy engine executes on the payment date, from the agent's bank, to every holder's bank, in one step.
What stays, what changes, what never happens
What stays the same
Your credit agreements, your agency role, your lenders' banks, your trustee. The loan is still the loan.
What changes
The agent's register as an asset leg; lenders as participants through their banks; the waterfall encoded as rules with the agent's attestation as the trigger.
What you never take on
A stablecoin for the cash leg, a bridge, a private token that lenders must hold.
The board question
“Every lender is at a different bank. Who moves first?”
Nobody moves first: the trade settles as one transaction across the buyer's bank, the seller's bank and the agent's record, or it does not settle. That is the difference between a shared ledger and a faster spreadsheet.
What it costs
Asset-leg license for the agent's register USD 100–500K a year; DvP fees of 0.5–3 bps on settled value; lenders pay nothing beyond their own bank's account. Indicative; your figures go in the joint business case.
See the full fee scheduleSettle one secondary trade in the sandbox.
A loan trade and a distribution date, run end to end with your agency desk and two lender banks, in the Georgia program's fourth phase or the London launch.