Odaily Planet Daily News EquiLend announced that its DLT securities lending platform 1Source has entered pilot mode. The solution is scheduled to be launched in the third quarter of 2024. Equilend is a major technology provider to the securities lending industry and is backed by several major banks including JPMorgan Chase, Bank of America, Goldman Sachs, Barclays, State Street and UBS.
1Source aims to provide a shared DLT ledger of agreed transactions and changes, thereby eliminating the need for manual reconciliation. One relevant source estimates that this could save the industry up to $100 million in costs.