Finastra partners with AccessFintech for data transparency to the syndicated loan market

By Joy Dumasia

Finastra, the largest pure-play software vendor that serves the entire financial services industry, and AccessFintech, the data-sharing network optimizing workflow through collaboration, 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 data availability to lenders and strengthens internal operations and collaboration between agents, lenders and service providers. It also helps digitize the market, eliminating 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. Updated loan data will be sent from Synergy to Fusion Loan IQ via straight-through processing as part of the Fusion LenderComm offering to complete the integration between the two platforms.

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 its comprehensive suite of lending solutions, including Fusion Loan IQ, the world’s leading commercial loan platform.

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.”

Recently, IBS Intelligence reported that Finastra and Bakkt announced plans to make Bakkt’s digital marketplace and wallet available through Finastra’s open developer platform and app store, FusionFabric.cloud.