Goldman Sachs Joins Equilend’s 1Source DLT

Equilend, the global financial technology, data and analytics company for the securities finance industry, announced that Goldman Sachs is utilizing Equilend 1Source, the distributed ledger technology (DLT) platform that increases efficiency, reduces breaks, and eliminates reconciliations in securities finance.

Goldman Sachs joins BNY and National Bank of Canada on 1Source. The two large securities lenders previously announced that they had begun transmitting live transactions onto the 1Source ledger last October.

1Source is transforming global securities finance workflows by establishing a single, golden source of truth for securities lending and financing transactions. The DLT-based platform was developed by Equilend with input and collaboration from a group of leading market participants to improve costs, automation, and overall efficiency in the market. 1Source directly improves users’ P&L by eliminating accrual errors, reducing third-party comparison fees, and improving settlement rates.

Additional counterparties are also in the process of adopting Equilend’s 1Source, which will benefit all members of the platform as inefficient reconciliation processes and transaction breaks are reduced.

“We are excited to welcome Goldman Sachs, one of the industry’s largest borrowers, onto the 1Source platform,” said Rich Grossi, CEO of Equilend. “Their involvement will drive greater platform benefit by reducing costs and increasing operational efficiency across the community of participants.”

According to third-party estimates, Equilend’s 1Source has the potential to save industry participants hundreds of millions of dollars through greater operational efficiency, optimized costs and resources, and improved profitability.