Open Loan Technology Standards Working Group to Develop Straight Through Processing Environment for Loan Syndication
New York and London, 13th September 2006 - Loan market participants and technology providers today announced the creation of the Open Loan Technology Standards Working Group (OLTS), an industry organization committed to expanding the multi-trillion dollar commercial loan market by reducing operational inefficiencies. The group's mission is to create open standards that will enable the seamless transfer of data and documents throughout the loan lifecycle. Charter members include IntraLinks Inc., Misys Banking Systems, Trade Settlement Inc. and leading investment banks.
The OLTS's primary goal is the creation of system-based standards, which focus on computer-to-computer communications, and user-based standards, relating to person-to-computer interaction. System-based standards include distribution protocols and APIs to enable the seamless transmission of loan information between different platforms and parties, as well as authentication protocols that provide financial professionals with a single username and password to sign-on to any part of the information supply chain. User-based standards will encompass naming conventions and a taxonomy for the cataloguing of documents and data.
Andy Fieweger, Vice President, Product Management at IntraLinks noted, "The loan industry's accounting, contact management, online document storage and trade settlement systems developed independently, creating pockets of efficiency. But as the loan market grows, the need to connect these areas has never been more important."
"This collaboration brings together the expertise and knowledge of the leading players in the loan syndication market," said Ken Katz, Loan IQ Product Manager, Misys Banking Systems. "We believe that the OLTS will provide significant business benefit to our customers and the industry as a whole and we look forward to working with our partners to enhance the commercial loan market."
Pat Loret de Mola, Chief Executive Officer, Trade Settlement Inc., stated, "The cooperative effort to create open standards will foster a critical ongoing examination of the loan lifecycle and drive innovation and global expansion of the market."
Additional information about the group is available at www.OpenLoan.org.
Media Contacts
IntraLinks, Inc., Brian Hickey, Walek & Associates, 212-889-4113, brian @walek.com
Misys Banking Systems, Sarah Lewis, Misys Banking Systems, 917 609 8141, sarah.lewis@misys.com
Trade Settlement Inc., Michael Rasiej, Trade Settlement Inc., 212.463.7649, michael.rasiej@tradesettlement.com
About IntraLinks
IntraLinks® On-Demand Workspaces™ connect business communities and accelerate the intelligent flow of information and documents among participants. Through IntraLinks' secure, neutral, online environments, companies are better able to compete globally by accelerating essential business processes, simplifying communication and fostering rapid workflow. IntraLinks is easily accessible anywhere, anytime using a web browser.
Since 1997, more than 450,000 participants representing over 35,000 organizations worldwide have used IntraLinks On-Demand Workspaces™ to communicate and collaborate on thousands of projects and transactions. IntraLinks has been adopted widely in the financial services and pharmaceutical industries, where its clients include AstraZeneca Pharmaceuticals LP, Bank of America, Bear Stearns, Deutsche Bank, FDIC, TD Securities, Thomas Weisel Partners and WestLB, among hundreds of others. Founded in 1996, IntraLinks is headquartered in New York with offices around the world. For more information, visit us at www.intralinks.com.
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,500 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc. For more information, visit www.misys.com
About Trade Settlement Inc. (TSI)
Trade Settlement Inc. (TSI) provides an electronic settlement platform to the primary and secondary syndicated loan markets. Established in June 2000, TSI has automated and radically streamlined the settlement cycle, allowing for rapid, error-free settlement of syndicated loan transactions. TSI is the only fully automated electronic settlement platform for loan markets, offering the highest standard of security, leading edge technology, first-rate customer service and exceptionally fast execution.
TSI's easy-to-use system is designed to interface with back-office accounting systems eliminating double entry and maximizing the benefits of straight-through-processing. Only the TSI platform is compatible with virtually every other system on the market -- branded or proprietary -- and offers clients increased competitiveness and productivity.
Misys. Making things that really matter, work better.
