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 multi-trillion dollar commercial loan market by reducing operational inefficiencies. The groupâs mission is to create open standards 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 OLTSâs 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.
Andy Fieweger, Vice President, Product Management at IntraLinks noted, âThe loan industryâs 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.â
âThis collaboration brings together the expertise and knowledge of the leading players in the loan syndication market,â said Ken Katz, Loan IQ Product Manager, Misys Banking Systems. âWe 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.â
Pat Loret de Mola, Chief Executive Officer, Trade Settlement Inc., stated, âThe 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.â