Finastra and AccessFintech team up to bring greater data transparency to syndicated loan market
Collaboration accelerates data availability for lenders via Fusion LenderComm and Synergy DataLake
London, UK – October 20, 2021 – Finastra, the largest pure-play software vendor that serves the entire financial services industry, and AccessFintech, the data-sharing network optimizing workflow through collaboration, today announced that they have teamed up to bring greater data transparency, efficiency and industry-wide collaboration to the syndicated loan market.
The integration of Finastra’s Fusion LenderComm platform and AccessFintech’s Synergy DataLake accelerates the availability of data to lenders and strengthens internal operations and collaboration between agents, lenders and service providers. It also helps digitize the market, eliminating the need for fax, email and telephone calls and making reconciliation more efficient.
Finastra’s Fusion LenderComm 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 operations’ 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.
Cory Olsen, Loans Business Manager at AccessFintech said, “Finastra and AccessFintech are natural partners as we are both committed to digitizing 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 centralized workflows and collaboration.”
Amy Walker, VP, Fusion LenderComm at Finastra said, “Our partnership helps to solve the pressing industry challenge for both sides of the market around digitization of data. Finastra and AccessFintech are uniquely placed to deliver greater transparency for the loan market. AccessFintech’s extensive network and proven collaboration capabilities will ensure that we reach all market participants. Together we will drive the loan market forward.”
Fusion LenderComm digitizes and streamlines information exchange for agents and lenders. It is built on APIs via Finastra’s open development platform, FusionFabric.cloud, and is part of the company’s comprehensive suite of lending solutions, including Fusion Loan IQ, the world’s leading commercial loan platform. Overall, Finastra software powers over 70% of the world’s total syndicated loans.
The Synergy DataLake uses shared industry data to simplify and speed workflows, reduce capital requirements, and provide valuable benchmarking insights.
Find out more about Synergy DataLake here.