Fidelity National Information Services, a provider of processing and technology services for financial institutions, has announced that its Advanced Commercial Banking System division has launched its functional Distressed Loan Trade Management and Settlement Platform on the ACBS ClearPar syndicated loan operations platform.
Adding distressed trade settlement to ClearPar’s LSTA and LMA par settlement platforms facilitates the industry goal of reducing settlement times and, consequently, operational and counterparty risk while at the same time providing loan market participants with a single, global platform to streamline loan operations processes.
It said that in the initial version, buyer, seller and agent bank were able to generate, circulate and execute legal documents associated with distressed syndicated loan trades. With the launch, new functionality for managing distressed inventory and upstream allocations has been added as well as providing buyer’s and seller’s respective legal counsel access to fully participate in the process.
Richard Levy, president of ACBS division at Fidelity National Information Services (FIS), said: Over the last year, we have been actively engaged with our sell and buy-side customers and legal advisors in developing the distressed management and settlement platform.
With this release, ClearPar has extended its reach beyond just the settlement of trades by adding functionality which allows our customers to manage their distressed inventories more efficiently, more accurately and in a way that will provide a standard for the industry.
Fidelity National Information Services Inc., is a provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers throughout the world.
