Wells Fargo Bank has connected to the Depository Trust & Clearing Corporation’s (DTCC) Loan/Serv reconciliation service. The move will help automate and streamline the processing of syndicated loans by allowing the bank to view and reconcile loan positions with thousands of lenders on a daily basis.
Agents banks already linked to Loan/SERV’s reconciliation services include BNY Mellon, Barclays Capital, Citi and Credit Suisse. DTCC will start piloting a cash settlement service, Cash on Transfer, in the second quarter of 2011 with a number of global loan agents, trading desk, paying agents, custodians and administrators.
Click here for the release from Depository Trust & Clearing Corporation.