Finastra and AccessFintech are working together to bring data transparency and efficiency to the syndicated loan market
Finastra, a software-only provider, and AccessFintech, a data sharing network, have announced that they will join forces to achieve greater data transparency, efficiency and industry-wide collaboration in the syndicated loan market.
By integrating Finastra’s Fusion LenderComm platform and AccessFintech’s Synergy DataLake, they intend to accelerate data availability for lenders and strengthen internal operations and collaboration between agents, lenders and service providers.
This collaboration also aims to digitize the market, make fax, e-mail and telephone calls superfluous, and make coordination more efficient.
Finastra’s platform will enable Fusion Loan IQ agents to deliver data to the Synergy DataLake, enabling agents to publish data and lenders to access contract and transaction level data, manage and monitor their operations, and increase operational efficiencies through transparency and collaboration can.
To complete the integration between the two platforms, as part of the Fusion LenderComm offering, Synergy will send updated credit data to Fusion Loan IQ via straight-through processing.
About the collaboration, says Cory Olsen, Credit Manager at AccessFintech: “Finastra and AccessFintech are striving to digitize the market and make it more transparent. This joint initiative increases efficiency for both agents and lenders by enabling agents to share data instantly and benefit from centralized workflows and collaboration. “
Amy Walker, Vice President of Fusion LenderComm at Finastra, added, “Our partnership helps solve the pressing industry challenge for both sides of the data digitization market. Finastra and AccessFintech are placed to provide more transparency to the credit market. AccessFintech’s network and collaboration capabilities will ensure that we reach all market participants. ”