JP Morgan has achieved straight-through processing on its centralised digital data platform in a key move for the modernisation of the corporate loan market.
Joseph Ferraiolo
This step toward more enhanced streamlined digital workflows is a reported first for the syndicated loan market.
Joseph Ferraiolo, head of debt capital markets operations and merchant bank policy at JP Morgan, asserted that “The simplification of data messages across both revolvers and term loan facilities streamlines workstreams for admin agents and lenders alike.”
“Utilising Versana’s platform to automate antiquated workflows and achieve straight-through processing on a number of syndicated loan transactions represents a significant step toward true modernisation for the market,” said Ferraiolo.
Specifically, Versana allows users to digitally access global loan and lender level details in real time directly from agent bank systems – this data is normalised to ensure consistency without manual intervention.
Currently, Versana counts more than 3,600 syndicated loan facilities on its next-gen platform, which together total $2.1 trillion in commitments.
Cynthia Sachs, founding chief executive of Versana, said, “JP Morgan’s industry leading achievement of straight-through processing is clear evidence of the loan market’s digital transformation, materially reducing friction for all participants. We look forward to replicating this huge milestone with all our subscribers and making STP the industry standard.”