Market communication and infrastructure provider Symphony is partnering with Digital Asset, a distributed ledger and infrastructure specialist, to create straight through processing (STP) workflows aimed at tackling information mismatch, trade breaks, human errors and the lack of appropriate collaboration tools in the syndicated loans space.
Symphony CEO, Brad Levy, said, “The loans market is a key part of our strategy and this partnership with Digital Asset will allow us to solve real pain points in this space. Further automation in broadly syndicated loans workflows will flag and remove errors that can typically arise from manual processes.
“Syndicated lending is a critical multi-trillion dollar financing market,” added Yuval Rooz, co-founder and CEO of Digital Asset. “As this market continues to embrace new technologies, we are excited to team up with Symphony to bring communication-powered solutions with complex ledger technology to streamline syndicated loan workflows across organisations.”
Historically, the broadly syndicated loans market has lagged behind other fixed income markets in technical development and innovation. Through this partnership, Symphony and Digital Asset plan to enable the digitalisation of the loans market and to foster improved interoperability between its participants and platforms.
Krishna Nadella, Symphony’s global head of solutions added: “The syndicated loans market lags almost all other tradeable markets in technological advancements. This partnership with Digital Asset will allow for a multi-generational advancement in the loans space via a straight through processing workflow.”
©Markets Media Europe, 2022
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