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New Industry Group to Create Open Standards for Loan Lifecycle; Open Loan Technology Standards Working Group to Develop Straight Through Processing Environment for Loan Syndication.


NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 & LONDON -- Loan market participants and technology providers today announced the creation of the Open Loan Technology Standards Working Group, an industry organization committed to expanding the multi-trillion dollar commercial loan market by reducing operational inefficiencies. The group's mission is to create open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced  that will enable the seamless transfer of data and documents throughout the loan lifecycle. Charter members include IntraLinks, Inc.; Misys Banking Systems, Trade Settlement Inc. and leading investment banks The following is a list of investment banks Financial conglomerates
Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance.
. E[acute accent acute accent
n.
A mark (´) indicating:
a. that a vowel is close or tense, as é in French été.

b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek.

c.
]The OLTS's primary goal is the creation of system-based standards, which focus on computer-to-computer communications, and user-based standards, relating to person-to-computer interaction. System-based standards include distribution protocols and APIs to enable the seamless transmission of loan information between different platforms and parties, as well as authentication protocols that provide financial professionals with a single username and password to sign-on to any part of the information supply chain. User-based standards will encompass naming conventions and a taxonomy for the cataloguing of documents and data. E[acute accent]Andy Fieweger, Vice President, Product Management at IntraLinks noted, "The loan industry's accounting, contact management, online document storage and trade settlement systems developed independently, creating pockets of efficiency. But as the loan market grows, the need to connect these areas has never been more important." E[acute accent]"No single company could successfully offer the benefits of these kinds of standards," said Ken Katz, Product Manager Loan IQ, at Misys Banking Systems. "We believe that the OLTS OLTS Optical Loss Test Set
OLTS On Line Tracking System (EPA)
OLTS Organizational Level Test Set
 will provide significant business benefit to our customers and the industry as a whole. The results of this collaboration will be worth much more than the sum of its parts." E[acute accent]Pat Loret de Mola, Chief Executive Officer, Trade Settlement Inc., stated, "The cooperative effort to create open standards will foster a critical ongoing examination of the loan lifecycle and drive innovation and global expansion of the market." E[acute accent]Additional information about the group is available at www.OpenLoan.org.

E[acute accent]About IntraLinks

E[acute accent]IntraLinks(R) On-Demand Workspaces(TM) connect business communities and accelerate the intelligent flow of information and documents among participants. Through IntraLinks' secure, neutral, online environments, companies are better able to compete globally by accelerating essential business processes, simplifying communication and fostering rapid workflow. IntraLinks is easily accessible anywhere, anytime using a web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. . E[acute accent]Since 1997, more than 450,000 participants representing over 35,000 organizations worldwide have used IntraLinks On-Demand Workspaces(TM) to communicate and collaborate on thousands of projects and transactions. IntraLinks has been adopted widely in the financial services and pharmaceutical industries, where its clients include AstraZeneca Pharmaceuticals LP, Bank of America
See also:  and


Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
, Bear Stearns, Deutsche Bank, FDIC FDIC

See: Federal Deposit Insurance Corporation


FDIC

See Federal Deposit Insurance Corporation (FDIC).
, TD Securities, Thomas Weisel Partners Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG), often shortened to just TWP or TWeisel, is a U.S. middle-market and growth focused investment banking firm based in San Francisco, California.  and WestLB, among hundreds of others. Founded in 1996, IntraLinks is headquartered in New York with offices around the world. For more information, visit us at www.intralinks.com.

E[acute accent]About Misys Banking Systems

E[acute accent]Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.

E[acute accent]About Misys plc

E[acute accent]Misys plc (FTSE FTSE

A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times.

Notes:
The FTSE is similar to Standard & Poor's in the United States.
: MSY MSY Maximum Sustainable Yield
MSY New Orleans, LA, USA - Moisant International Airport (Airport Code)
MSY Male Specific Region of Y (genetics)
MSY Moisant Stock Yards in New Orleans
), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services  to about 7,800 financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com E[acute accent]Misys. Making things that really matter, work better

E[acute accent]About Trade Settlement Inc. (TSI TSI Total Solar Irradiance (sum solar light in energy per unit of time)
TSI Trading Standards Institute (UK)
TSI Transportation Safety Institute (US DOT) 
)

E[acute accent]Trade Settlement Inc. (TSI) provides an electronic settlement platform to the primary and secondary syndicated loan Syndicated Loan

A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks.

Notes:
Also known as a "syndicated bank facility.
 markets. Established in June 2000, TSI has automated and radically streamlined the settlement cycle, allowing for rapid, error-free settlement of syndicated loan transactions. TSI is the only fully automated electronic settlement platform for loan markets, offering the highest standard of security, leading edge technology, first-rate customer service and exceptionally fast execution. E[acute accent]TSI's easy-to-use system is designed to interface with back-office accounting systems eliminating double entry and maximizing the benefits of straight-through-processing. Only the TSI platform is compatible with virtually every other system on the market -- branded or proprietary -- and offers clients increased competitiveness and productivity.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Comment:New Industry Group to Create Open Standards for Loan Lifecycle; Open Loan Technology Standards Working Group to Develop Straight Through Processing Environment for Loan Syndication.
Publication:Business Wire
Geographic Code:1USA
Date:Sep 13, 2006
Words:842
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