J.P. Morgan, Bank of America, Citi and Credit Suisse Launch Digital Syndicated Loan Platform

According to a story in Markets Media news, four banks who are the founding investors of Versana announced the launch of its industry-backed syndicated loan platform, bringing to market a new centralized solution that digitally captures agent banks’ deal data on a real-time basis, providing the modern foundation for future market innovation and collaboration. Versana connects banks, institutional lenders and their service providers to deliver transparency, efficiency and velocity to this $5 trillion market. Versana’s syndicated loan platform is revolutionary for the private sector of the corporate credit market, providing unprecedented transparency to market participants. Loan and position level details range from global borrower commitments and outstandings to historical transaction cash flows, positions on a fund-by-fund basis, base rate contract details as well as digitized event notices. J.P. Morgan, Bank of America, Citi and Credit Suisse, working with their respective loan syndications and debt capital markets divisions, created Versana to initially address the operational inefficiencies and technological fragmentation in the U.S. leveraged loan market. The platform is now connected and live with real-time loan data. All four founding banks are now Versana subscribers and its first early-adopter clients.