Markit WSO Services bolsters Northern Trust’s straight-through processing strategy. Northern Trust has implemented automated application for global syndicated bank loan transactions. New tool from Markit facilitates trade capture, tracking and reporting of syndicated bank loans.
Markit WSO allows for posting principal, interest, or any fees associated with incoming payment wires at the loan level, even if held by multiple accounts having uneven denominations of a loan. Clients and investment managers receive automated reconciliation, documentation and loan maintenance for instruments such as term loans, revolvers, letters of credit, delayed draws and bridge loans.
In addition, the incorporation of a more granular level of asset categorization enables more detailed and selective reporting to clients.
“Markit WSO is the gold standard for syndicated bank loan processing and is the only full outsourcing solution available in the bank loan market,” says Art Jablonski, global head, Alternative Asset Servicing, Northern Trust. “Combined with our dedicated team specializing in syndicated bank loans, Markit WSO brings enhanced capabilities to our clients and reinforces our commitment to this important business.”
“Our solution offers clients greater flexibility to invest in these instruments, by providing accurate trade capture and lifecycle management for global syndicated bank loan processing as part of a full solution that includes timely payments and customized reporting for reconciliations or general reporting requirements,” says Judson Baker, alternative assets product manager, Corporate & Institutional Services, Northern Trust.
L.D.