Bank of America, Citi, Credit Suisse and JPMorgan have launched a syndicated loan platform solution that captures bank data in real-time.
The new platform, Versana, aggregates and normalizes data from member banks to create straight-through processing in the $5 trillion syndicated loan market, Versana Chief Executive Cynthia Sachs told Bank Automation News.
Nearly five years ago, JPMorgan and Bank of America realized their syndicated loan operations could not keep pace with exponential growth in the asset class, Sachs said, noting the banks worked together to address the market problem through data, technology and operations.
“We’re taking data from these agent banks, putting it in a canonical format, normalizing that data, securing the data and then we’re pushing that out through a robust user interface or API,” David Kamp, chief technology officer at Versana, told BAN.
Technology professionals from the banks’ loan syndications and debt capital markets teams worked together on the creation of Versana, according to a release.
Since the December launch, Bank of America, Credit Suisse and JPMorgan joined Versana as clients — and their data is now being used in the platform, Sachs said. Citi will join this year following the completion of its system migration.