A syndicated loan exchange trial utilizing blockchain technology being undertaken by a group of banks alongside startups R3 and Symbiont is moving ahead.

Announced during this week’s Sibos finance and technology conference in Geneva, Switzerland, the news sees the two startups, financial data provider Ipreo and Swiss financial services firm Credit Suisse (which organized the trial) completing the syndicated loan project's first phase.

The test wasn’t limited to just those companies, however. R3 members BBVA, Danske Bank, Royal Bank of Scotland, Scotiabank, Société Générale, State Street, US Bank and Wells Fargo also took part in the initiative, as well as AllianceBernstein, Eaton Vance Management, KKR and Oak Hill Advisors.

The successful test is one of several trials announced by the R3 blockchain consortium in recent weeks. In the past month and a half, the group has pursued successful tests focused on the exchange of Treasury bonds, and trade finance.

In statements, those involved with the latest trial pointed to the test as a sign of the technology’s potential to cut costs and improve operational efficiency.

Emmanuel Aidoo, the head of Credit Suisse’s blockchain initiatives, said in a statement:

The trial is expected to continue through the end of the year.