Credit Suisse has joined forces with 19 other banks to launch a commercial platform for blockchain-based syndicated loans next year, according to reports.

In an interview with Euromoney, Emmanuel Aidoo, head of the distributed ledger and blockchain effort at Credit Suisse, told the magazine that Credit Suisse  approached the other participants in order to discuss the possibility of launching such a platform.

In the interview, Aidoo said:

We are working to put a few dozen smaller loan transactions, where we or other participating banks are the agent, onto a distributed ledger platform using smart contracts in production next year… It will save in operating expenses and also potentially free up capital held against loan exposures on balance sheets.

Read more at Euromoney and CoinDesk.