21 July 2018
Visit www.avoka.com

FIS agrees to sell ClearPar to Markit

30 October 2009  |  2266 views  |  0 Source: FIS

FIS (NYSE:FIS) today announced that it has signed an agreement to sell its ClearPar automated syndicated loan trade settlement business to Markit, a leading global financial information services company.

In addition, FIS' Advanced Commercial Banking Solutions (ACBS) division has entered into a strategic alliance with Markit to jointly promote sales of FIS' SyndTrak and SyndTrak Online and integrate these solutions with Markit's loan business data and settlement products. Terms of the sale, which is expected to close by the end of the fourth quarter, were not disclosed.

ClearPar, launched in 2001, is part of FIS' ACBS division and provides a middle-office platform for trade settlement in the syndicated loan market. The platform supports primary assignments and secondary market trading for U.S. and European credits, including a distress debt settlement service launched earlier this year.

SyndTrak and SyndTrak Online are FIS' industry leading Customer Relationship Management (CRM) and Deal Site Management products for the syndicated loan market. Deployed by leading loan arrangers in the U.S. and Europe, SyndTrak is a market standard front-office system for loan syndication and trading professionals worldwide. SyndTrak Online extends SyndTrak's capabilities to the Web and is used by commercial banks, investment banks and non-bank financial services providers to disseminate critical credit documentation to potential investors for new issue and existing lenders for the ongoing servicing of loans during the life of a credit facility.

"This transaction allows FIS to remain focused on delivering its market leading ACBS Loan Servicing System and front-office suite of products in sales, syndication and loan trading while creating a high-velocity alliance that delivers unmatched value to our clients in the syndicated loan space," said Richard Levy, president of FIS' ACBS division. "The coordinated effort between these two industry leaders further demonstrates maturity and growth in the loan market. FIS is pleased to team with Markit as both organizations share the common goals of market transparency, reduced risk and improved operational efficiency."

Mark Murray, executive vice president and global head of Markit WSO, said, "We are excited about the addition of ClearPar to our product portfolio and the enhanced capabilities we will be able to deliver to our customers. We believe that successful integration of key loan processing systems is the most efficient way to make critical infrastructure more easily accessible for market participants. ACBS' Syndtrak and Syndtrak Online products are well positioned to bring further efficiencies to the market, which makes them an ideal integration partner for Markit."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAd

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13408 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11051 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10021 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7306 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7101 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job