DTCC’s Loan/SERV Reconciliation Service allows for the reconciliation of lender positions between agents and lenders around the globe.
BNY Mellon said that the new service was developed to help clients improve their position recordkeeping by allowing them to easily compare their own data with an agent’s positions.
It has added that by having the data from all parties on a single platform, clients will be able to reconcile the details of a loan on an automated basis daily and identify and resolve differences in positions early.
New York-based asset management company MJX Asset Management has become the first BNY Mellon client to adopt the new data reconciliation service.
BNY Mellon Corporate Trust head of structured finance Debra Baker said that the improvements in transparency, efficiency and risk reduction achieved through increased automation are integral to transforming the loan syndication market, and the company developed its data reconciliation service to try to bring the industry closer to a straight-through processing model.
The Loan/SERV Reconciliation Service serves over 2,900 banks and loan investors in more than 45 countries across North America, Latin America, Europe, Asia and Africa.
