Nine global banks are testing blockchain and smart contract technologies to see if they can improve the syndicated loan market.

The bank consortium R3 CEV is managing the proof of concept. R3 members State Street, U.S. Bank, Wells Fargo, BBVA, Danske Bank, Royal Bank of Scotland, Scotiabank and Société Générale are participating in the initiative, which will run through the end of the year, according to a Tuesday news release. Buy side firms AllianceBernstein, Eaton Vance Management, KKR and Oak Hill Advisors are also involved.

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