Milano, 4 Febbraio 2026 – L’edizione appena conclusa del CV Securitisation Day ha restituito la Milan, 4 February 2026 – The latest edition of the CV Securitisation Day provided a clear snapshot of a market that is reaching maturity and experiencing steady growth. Securitisation is no longer seen merely as a balance-sheet tool for banks, but as a fundamental instrument to effectively channel capital into the real economy.
At the same time, increasing volumes, a broader range of asset classes and the entry of non-bank players are creating significant operational challenges. This is where technology, and in particular the tokenisation of notes managed through platforms such as BlockInvest, becomes the missing link to enable the market to scale.
Below are the three main macro-trends that emerged from the event, and how digital infrastructure can support them.
1. The New Role of Banks: from “Lender” to “Connector”
Insights shared during the panels, including contributions from institutions such as Intesa Sanpaolo and UniCredit, confirm that Europe is following—albeit at its own pace—the model already established in the United States. In the US, the private debt market now represents approximately 10% of GDP, supported by a highly effective risk distribution framework.
In this context, banks are evolving. They retain a central role in origination—leveraging client relationships and local infrastructure—but increasingly act as facilitators, or “connectors”, enabling funds, insurance companies and institutional investors to access credit. Securitisation is the mechanism that makes this transition possible, by tranching risk and tailoring it to different investor profiles.
The Role of BlockInvest: Efficiency in Distribution
In a market where banks originate to distribute, existing infrastructure is showing its limits.
Tokenisation of Notes
BlockInvest enables the digital representation of tranches (Senior, Mezzanine, Junior). This goes beyond simple investment fragmentation, allowing for a much more streamlined management of the instrument’s entire lifecycle.
Liquidity and Secondary Market
As highlighted during the panels, liquidity is critical. A distributed ledger enables near-instant and transparent transfers of notes, supporting the development of a more efficient secondary market—an area that still struggles within traditional infrastructures. A key advantage here is the ability to always know, at any point in the transaction lifecycle, who the token or note holders are, removing a significant source of operational complexity faced by market participants today.
2. New Frontiers: Strategic Assets and De-stocking (Law 130)
The year 2026 marks the expansion of Law 130 into increasingly strategic and complex asset classes, moving beyond traditional NPL and UTP transactions.
Strategic Infrastructure
Discussions focused on data centres, artificial intelligence, space and defence—capital-intensive sectors where banks cannot operate alone due to risk concentration constraints.
Inventory Finance (De-stocking)
Recent regulatory developments, including the SME bill and amendments to Article 7.2, are opening the door to inventory-based financing (for example, long-maturing food products or registered movable assets). Companies can monetise inventory without disrupting their operations.
The Role of BlockInvest: Transparency and Monitoring
These new asset classes introduce significant informational complexity. Investors require high standards of reporting and transparency.
Dynamic Data Room
BlockInvest does not simply tokenise the financial instrument; it acts as a certified repository where performance data of the underlying assets is immutable and accessible.
Managing Complexity
In transactions such as de-stocking, where the underlying assets are physical and constantly changing, a digital ledger that updates collateral status in real time provides the additional level of confidence required by institutional investors.
3. The Real Paradigm Shift: A Collaborative Infrastructure
Among the critical issues raised by servicers (including Zenith and Finint) and law firms (such as Jones Day) are duplicated controls and complex reporting requirements. In traditional securitisations, originators, master servicers, special servicers, paying agents and investors often operate on misaligned databases, exchanging Excel files and PDFs that must be manually reconciled.
This operating model is no longer sustainable if the market is to expand towards SMEs, where ticket sizes are smaller and fixed costs have a proportionally higher impact.
The BlockInvest Solution: A “Single Source of Truth”
The real value of the BlockInvest platform lies in the creation of a shared, collaborative environment:
Synchronized Access
Instead of relying on multiple separate databases, all participants—investors, banks and servicers—access the same blockchain-based dataset, with differentiated and role-specific permissions.
Process Automation (Smart Waterfall)
Payment rules—traditionally described across hundreds of pages of documentation—are codified directly on the platform. Interest calculations, trigger checks and capital distributions (waterfalls) are executed automatically and are verifiable by all parties.
Compliance by Design
With increasingly stringent EU regulations on due diligence and transparency, including for non-EU investors, an infrastructure that records every step and guarantees data integrity becomes a competitive advantage, significantly reducing audit and review costs.
Conclusion
The CV Securitisation Day confirmed that capital is available and businesses need it. The real bottleneck is not financial, but operational and technological. Moving from siloed processes to a collaborative infrastructure based on DLT (Distributed Ledger Technology) is the necessary step to transform securitisation from a bespoke product into an industrial, efficient and scalable market instrument.
