JPMorgan Chase & Co. has selected the Misys Banking System’s Loan IQ solution to process its commercial loan trading and agency servicing businesses. In addition, Misys Loan IQ has been chosen by JPMorgan to become its future commitment recording system.
The solution will be deployed across JPMorgan Chase’s major operational centers in New York, Chicago, London, Houston and Delaware over the next 12 to 18 months. Future plans also include a roll-out to the bank’s Asia Pacific operations.
The roll out of Misys Loan IQ across the bank will provide deal tracking, loan trading, deal processing, and administration, and record maintenance, among other functions.
“As a result of our merger with Bank One, we needed a functionally robust loan and agency management solution that would consolidate our efforts across the bank,” Daniel McDonagh, managing director Global Credit Risk Management Operations at JPMorgan Chase, said. “We already had experience of Misys Loan IQ from within JPMorgan Chase, and after an evaluation, we felt it had the greatest functionality for our needs.”