Finastra, a pure-play software vendor and AccessFintech, a data-sharing network, have announced that they will team up to bring greater data transparency, efficiency and industry-wide collaboration to the syndicated loan market.
By integrating Finastra’s Fusion LenderComm platform and AccessFintech’s Synergy DataLake, they intend to accelerate the availability of data to lenders and strengthen internal operations and collaboration between agents, lenders and service providers.
This collaboration also aims to digitise the market, eliminating the need for fax, email and telephone calls and making reconciliation more efficient.
Finastra’s platform will enable Fusion Loan IQ agents to provide data to the Synergy DataLake, enabling agents to publish and lenders to access contract and transaction level data, manage and monitor their operations and facilitate operational efficiencies through transparency and collaboration.
To complete the integration between the two platforms, updated loan data will be sent from Synergy to Fusion Loan IQ via straight-through processing as part of the Fusion LenderComm offering.
Speaking on the collaboration, Cory Olsen, loans business manager at AccessFintech, says: “Finastra and AccessFintech are both committed to digitising the market and making it more transparent. This joint initiative enhances efficiency for both agents and lenders, allowing agents to share data instantly and benefit from centralised workflows and collaboration.”
Amy Walker, vice president of Fusion LenderComm at Finastra adds: “Our partnership helps to solve the pressing industry challenge for both sides of the market around digitisation of data. Finastra and AccessFintech are placed to deliver greater transparency for the loan market. AccessFintech’s network and collaboration capabilities will ensure that we reach all market participants.”
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