78 buy-side firms and 10 dealers have joined the electronic loan trading platform.
Versana aims to digitally centralize administrative agents’ data for corporate loans on one platform.
The industry can use digital workflows to eliminate time-consuming, manual reviews and cross-checks.
Octaura has nine dealers and over 90 asset managers actively trading or onboarding.
Syndicated loan market has reached $1.45 trillion but remains largely manual.
J.P. Morgan, Bank of America, Citi and Credit Suisse are founding investors.
Octaura began as a joint initiative between Bank of America and Citi, within its SPRINT team.
Settlement times average more than 20 days in $5 trillion syndicated loan market.
The two firms will create straight through processing workflows.
