Wells Fargo Links To DTCC
29 March 2011 New York
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) today announced that Wells Fargo Bank (NYSE: WFC) has linked to its Loan/SERV Reconciliation Service to help automate and streamline the processing of syndicated loans by enabling the bank to view and reconcile loan positions with thousands of lenders on a daily basis.
鈥淎s our loan business continues to grow globally, the need for an automated reconciliation service to provide our customers with the most accurate and up-to-date information available on their loan positions becomes paramount,鈥� said Peter Amendola, executive vice president, Wells Fargo Wholesale Banking. 鈥淟oan/SERV provides us with the solution that will automate the reconciliation process, boost efficiencies and help reduce risk in the market.鈥�
鈥淲ells Fargo is joining the leading global banks that have linked to Loan/SERV Reconciliation to boost customer satisfaction, improve market-wide data accuracy and increase operational efficiency,鈥� said Mathew Keshav Lewis, DTCC vice president, Global Loans Product Management. 鈥淟oan/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.鈥�
Agents banks already linked to Loan/SERV鈥檚 reconciliation services are The Bank of New York Mellon, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan and The Royal Bank of Scotland.
Syndicated loans involve multiple lenders for each borrower, with agent banks acting as the liaison, transmitting information between parties. Prior to the launch of Loan/SERV, the reconciliation process was essentially manual and resulted in thousands of faxes going out into the market each month. 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.
Along with the agent banks, more than 2,800 investment funds and lending entities administered by more than 250 leading funds managers and bank lenders have linked to the reconciliation service since Loan/SERV was launched in 2008. These firms now represent approximately 50% of the global syndicated loan market.
DTCC will begin piloting a cash settlement service in the second quarter of 2011 called Cash on Transfer with a number of global loan agents, trading desk, paying agents, custodians and administrators. Cash on Transfer will provide the global syndicated loan market with its first delivery-versus-payment platform for secondary loan trading. It will help ensure that cash settles simultaneously with the change in legal ownership of the asset recorded by the agent bank. It will handle cash settlement in 50 different currencies.
鈥淎s our loan business continues to grow globally, the need for an automated reconciliation service to provide our customers with the most accurate and up-to-date information available on their loan positions becomes paramount,鈥� said Peter Amendola, executive vice president, Wells Fargo Wholesale Banking. 鈥淟oan/SERV provides us with the solution that will automate the reconciliation process, boost efficiencies and help reduce risk in the market.鈥�
鈥淲ells Fargo is joining the leading global banks that have linked to Loan/SERV Reconciliation to boost customer satisfaction, improve market-wide data accuracy and increase operational efficiency,鈥� said Mathew Keshav Lewis, DTCC vice president, Global Loans Product Management. 鈥淟oan/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.鈥�
Agents banks already linked to Loan/SERV鈥檚 reconciliation services are The Bank of New York Mellon, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan and The Royal Bank of Scotland.
Syndicated loans involve multiple lenders for each borrower, with agent banks acting as the liaison, transmitting information between parties. Prior to the launch of Loan/SERV, the reconciliation process was essentially manual and resulted in thousands of faxes going out into the market each month. 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.
Along with the agent banks, more than 2,800 investment funds and lending entities administered by more than 250 leading funds managers and bank lenders have linked to the reconciliation service since Loan/SERV was launched in 2008. These firms now represent approximately 50% of the global syndicated loan market.
DTCC will begin piloting a cash settlement service in the second quarter of 2011 called Cash on Transfer with a number of global loan agents, trading desk, paying agents, custodians and administrators. Cash on Transfer will provide the global syndicated loan market with its first delivery-versus-payment platform for secondary loan trading. It will help ensure that cash settles simultaneously with the change in legal ownership of the asset recorded by the agent bank. It will handle cash settlement in 50 different currencies.
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