Symphony – the markets’ infrastructure and tech platform – is teaming up with Digital Asset – a software and services provider that assists enterprises with building economic value via interconnected networks – in order to “generate efficiency and remove manual processes in the broadly syndicated loans (BSL) market.”
Symphony and Digital Asset will be focused on developing “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 stated:
“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.”
Yuval Rooz, co-founder and CEO of Digital Asset, remarked:
“Syndicated lending is a critical multi-trillion dollar financing market. 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 organizations.”
Historically, the broadly syndicated loans market has “lagged behind other fixed income markets in technical development and innovation,” according to a release. Via this partnership, Symphony and Digital Asset should support the digitalization of the loans market and “foster interoperability between its participants and platforms.”
Krishna Nadella, Symphony’s global head of solutions remarked:
“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.”
As covered, Symphony claims to be a secure and compliant markets’ infrastructure and tech platform, where solutions are for standardizing, automating and supporting innovate financial services workflows.