Fintech software vendor Finastra and data-sharing network AccessFintech are clearly made for each other as they have partnered to bring data transparency to the syndicated loan market.
Finastra’s Fusion LenderComm platform will be integrated with AccessFintech’s Synergy DataLake. This eliminates the need for fax (!?), email and telephone calls.
Cory Olsen, Loans Business Manager at AccessFintech, says: “Finastra and AccessFintech are natural partners as we are both committed to digitising 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 centralised workflows and collaboration.”
Amy Walker, VP, Fusion LenderComm at Finastra, adds: “AccessFintech’s extensive network and proven collaboration capabilities will ensure that we reach all market participants. Together we will drive the loan market forward.”
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, and manage and monitor their operations.
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.
Fusion LenderComm is built on APIs via Finastra’s open development platform, FusionFabric.cloud, and is part of the company’s suite of lending solutions, including Fusion Loan IQ, a commercial loan platform. Overall, Finastra says its software powers over 70% of the world’s total syndicated loans.
The Synergy DataLake uses shared industry data to provide benchmarking insights.
Finastra is well known in fintech circles. It was formed in 2017 by the combination of Misys and D+H, and is based in London. According to its website, it has $1.9 billion (£1.38 billion) in revenue, 9,000+ employees and about 8,600 customers.
The company is usually busy. This month it picked up deals with a US bank and credit union, and with Bakkt’s digital marketplace and wallet. In addition, at the recent virtual Sibos 2021 conference Finastra announced new instant onboarding capabilities for its Fusion Payments To Go solution.
AccessFintech was founded in 2015 and is based in New York.