Utah-based TenFold Corporation is shipping a new securities lending application, Securities LendingXpress, developed in conjunction with a leading global bank.
The product utilises TenFold's Universal Application technology which allows firms to design, build, deploy and maintain replacement applications systems.
TenFold says it hired a team of industry experts to collaborate with an un-named global bank to build Securities LendingXpress, which enables users to lend any security in any market against any form of collateral.
The platform includes direct messaging and file transfer for immediate information exchange and automated settlement and can broadcast security availability and complete loans automatically over the Internet.
In addition, the system can build complex transactions such as term loans and basket trades and solve the complex operational problems surrounding corporate actions, swaps and loan recalls.
Harry Stahl, vice president, financial services, TenFold, claims the product combines business and technical capabilities not currently available in other securities lending products.
"It will provide a powerful foundation for the future growth of our clients in the securities lending business," he says.