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Deutsche Bank links to DTCC Loan/Serv contract reconciliation service

13 September 2010  |  1937 views  |  0 Source: Depository Trust & Clearing Corporation

The Depository Trust & Clearing Corporation (DTCC) today announced that Deutsche Bank has linked to its Loan/Serv Contract Reconciliation Service, a second generation reconciliation service that will dramatically boost efficiencies, reduce errors and help automate the processing of syndicated loans.

DTCC's Contract Reconciliation provides reconcilement for syndicated loans at all levels, from commitment and facility level down to individual contracts with all relevant transaction detail.

DTCC's Loan/SERV is a suite of services that is helping to automate and streamline the processing of syndicated loans. DTCC introduced its earlier Reconciliation Service in 2008, which enabled agent banks and lenders to view and reconcile loans at a total commitment balance level; Contract Reconciliation followed in 2009.

"Contract Reconciliation provides market participants with more than 30 new data fields such as information on interest rates, margin and fee calculation, drawn and unutilized balances, and payment-in-kind balance," said Mathew Keshav Lewis, DTCC vice president, European Loans Product Management.

"One of the major benefits of DTCC's Contract Reconciliation is that it will help lenders and agents like Deutsche Bank correct errors in cash accruals and related cash flows before they become problems. This helps reduce profit and loss adjustments that come with processing errors and eliminates the time and effort required for manual tracking and correcting of these errors," said Lewis.

Deutsche Bank is one of the eight leading global agent banks using DTCC's reconciliation services. The other banks are: The Bank of New York Mellon, Barclays Capital, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, and The Royal Bank of Scotland. Loan/SERV links these banks to more than 2,300 investment funds and bank lenders located in 37 countries across North America, Europe, Asia and Africa.

In addition to its reconciliation services, DTCC will begin piloting in the fourth quarter of 2010 a cash settlement service, called Cash on Transfer, with a number of global loan agents, trading desks and administrators. Cash on Transfer will give the global syndicated loan market a platform for the simultaneous movement of cash with the change inee in legal ownership of the asset recorded by the agent bank. It will handle cash settlement in more than 50 different currencies.

Loan/SERV is a service offering of DTCC Loan/SERV LLC, a subsidiary of DTCC.

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