Syndicated loans involve multiple lenders for each borrower, with agent banks acting as the liaison, transmitting information between parties.
DTCC will enable Wells Fargo Bank to automate and streamline the processing of syndicated loans by enabling it to view and reconcile loan positions with thousands of lenders on a daily basis.
Loan/SERV automates the process and enables agent banks and lenders to view and reconcile loans on a position basis, or at a more detailed level ranging from the commitment and transaction level down to the individual contracts, drawings and fees with all relevant transactions details.
The Bank of New York Mellon, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and The Royal Bank of Scotland are also linked to Loan/SERV’s reconciliation services.
Wells Fargo Wholesale Banking executive vice president Peter Amendola said that Loan/SERV provides the bank with the solution that will automate the reconciliation process, boost efficiencies and help reduce risk in the market.
DTCC vice president, Global Loans Product Management Mathew Keshav Lewis said that Loan/SERV is the only service that provides a global reconciliation solution for the syndicated loan market and now serves lenders in more than 45 countries across North America, Latin America, Europe, Asia and Africa.
