Wilmington Trust and AccessFintech have announced a new collaboration that automates and streamlines loan lifecycle management using the Synergy platform. This effort drives real-time data transparency and collaboration, significantly reducing discrepancies and resolution times among various organizations across the loan market. Lenders can compare normalized data sets, prevent cash breaks and accelerate the resolution process.

As third-party agent, Wilmington Trust – part of the M&T Bank (NYSE: MTB) family – is working with AccessFintech to enable real-time sharing of contract level data via its Synergy network for the private credit market, a significant area of growth for the loan market. With many shared clients, this agreement will allow agents, lenders, CLO trustees and administrators to connect seamlessly and work on shared workflows in one, central environment. Agents and lenders can proactively manage every aspect of their loan data workflow and collaborate with partners and benefit from continuous matching.

“Wilmington Trust is working with AccessFintech to further enhance the syndicated loan market’s focus on solutions for data transparency and workflow collaboration, all of which continue to be critical for the future growth and scalability of our industry,” said Medita Vucic, Wilmington Trust’s Head of Structured Finance and Loan Market Solutions.  “Our relationship with AccessFintech will facilitate streamlined communication through a centralized, single-source solution delivering substantial productivity and efficiency improvements for Wilmington Trust and our clients.”

The Synergy network works with financial institutions across all asset classes to establish an ecosystem of connected organizations including buy-side, sell-side, agents, custodians, CLO trustees, service providers and vendors. The network is a data and workflow normalization and collaboration effort, which is live across the financial system.

As the private credit market has expanded – topping more than $2.1 trillion last year – the complexity of data and operational management for firms operating in this space has also grown. Private credit loans bring with them with less standardization and access to information.

“Our goal is to develop innovative solutions in collaboration with the industry. Synergy is expanding its shared data network, and we are thrilled to join forces with Wilmington Trust to further strengthen loan industry cooperation,” said Cory Olsen, Head of Loan Products at AccessFintech. “Empowering lenders to continuously align and collaborate in real time is a revolutionary shift that will transform interactions between agents and lenders, delivering significant operational advantages for everyone.”

Wilmington Trust and AccessFintech are addressing the challenges in the complex private credit and syndicated loan industry – and leading the transition from an e-mail and PDF-centric workflow to an automated workflow with shared real-time digitized data. This, in turn, addresses issues around exchanging and confirming information, allowing improved identification of cash and position breaks leading to delays in settlement times.

Source: AccessFintech