Loan market participants and technology providers today announced the creation of the Open Loan Technology Standards Working Group (OLTS), an industry organization committed to expanding the commercial loan market by reducing operational inefficiencies. The group aims to open standards that will enable the seamless transfer of data and documents throughout the loan lifecycle.
The OLTS will focus on computer-to-computer communications, and user-based standards, relating to person-to-computer interaction. Charter members include IntraLinks Inc., Misys Banking Systems and Trade Settlement Inc.
“The loan industry’s accounting, contact management, online document storage and trade settlement systems developed independently, creating pockets of efficiency,” says Andy Fieweger, the Vice President for Product Management at IntraLinks. “But as the loan market grows, the need to connect these areas has never been more important.”
“This collaboration brings together the expertise and knowledge of the leading players in the loan syndication market,” adds Ken Katz, the Loan IQ Product Manager for Misys Banking Systems. “We believe that the OLTS will provide significant business benefit to our customers and the industry as a whole and we look forward to working with our partners to enhance the commercial loan market.”