Versana has launched a syndicated loan platform, connecting banks, institutional lenders, and service providers to the $5 trillion market.
Founding investors in Versana include, JP Morgan, Bank of America, Citi, and Credit Suisse. Versana was originally created to address intrinsic inefficiencies in the US leveraged loan market. The platform is now live with real-time loan data.
Versana is said to be the market’s first real-time, multi-tenant solution centralizing corporate loan data directly from leading agent banks’ books and records. Versana expects to convert from legacy analog processes to a self-service data and technology platform that accommodates future innovation.
Versana Founding CEO and Board Member Cynthia Sachs called the launch a monumental day for the loan market:
“Versana is the long-awaited digital data and technology solution that the syndicated loan market has so greatly needed. We are thrilled to launch this platform with the innovative and strategic support of our founding investors for a better – and ultimately bigger – corporate credit market.”
Alex Naboicheck, Head of U.S. Leveraged Loan Trading at Bank of America, said:
“We’re excited to join with other leading agent banks to mark the launch of the Versana platform. The fact that all four founding banks have invested capital as well as committed to contribute their administrative agent loan data to the system speaks volumes about our belief in this initiative. We’re proud to play such an integral role as the platform comes to market.”
Joseph Ferraiolo, Head of Debt Capital Markets Operations & Merchant Bank Policy at JP Morgan, said that moving to a digital format will reduce costs and introduce efficiency.
The permissioned-based system is designed specifically for the private nature of the asset class and is a key feature of the platform. The initial scope of the solution is focused on the U.S. institutional market, namely Term Loan As and Bs.
Versana states that additional agent banks, lenders, and service providers will join the platform.