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BNY Mellon automates loan documentation process for investment managers


BNY Mellon is introducing a service that enables investment managers trading bank loans to automatically transmit loan trade documents to BNY Mellon through secure online channels. 

The service, which is scheduled to launch in early April, replaces a manual process that required investment managers to email or fax all documents related to loan trades, such as assignment agreements, transfer certificates and funding memos, to BNY Mellon in its capacity as trustee and collateral administrator.
“The new service will benefit investment managers using Markit’s ClearPar trade settlement system as it significantly improves the ease of doing business with us on a daily basis. By working with our investment manager clients to adopt this service, information can be transmitted automatically for all loans served by BNY Mellon as custodian, trustee and administrator,” says Eric D Kamback chief executive officer of Corporate Trust at BNY Mellon. “This is a one example of how we are investing in technology to further improve our loan administration offering.”
This service will notify BNY Mellon as documents are executed on ClearPar, enabling the company to begin processing trades earlier in their lifecycle. It is designed so that BNY Mellon’s records always are aligned with those of the client. Additional documents that can be transmitted, for both Loan Syndication and Trading Association and Loan Market Association trades, include trade confirmations; purchase and sale agreements; and netting agreements.

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