Northern Trust reports that it has automated processing of the full trade settlement lifecycle for syndicated bank loans through integration with IHS Markit's ClearPar Custodian Services Messaging capability.

Designed to deliver trade data in a standardized format via secured communications, this service increases scalability and efficiency while reducing the risks inherent in a manual trade settlement process, says Northern Trust.

The bank says the new solution enables it to map critical trade and funding information seamlessly into its proprietary bank loan servicing platform, thereby providing digital access to all parties in a transaction. Key transaction data, including settlement date, settlement amounts and wire instructions is streamlined and communicated electronically, allowing it to seamlessly accommodate the triple digit trade volume increase it has experienced in the last five years.

"Syndicated loans are an increasingly important asset class for our institutional investors and family offices seeking higher yields. Integration with trade platforms such as ClearPar removes the potential for latency in the process and demonstrates our commitment to delivering timely and accurate daily data to our clients across the globe," said Pete Cherecwich, President of Corporate and Institutional Services, Northern Trust. "This integration raises the bar in complex asset processing."

"Northern Trust has achieved a unique level of custodian integration with ClearPar," said Patricia Tessier, Managing Director and Co-Head of Loan Platforms at IHS Markit. "The new levels of service and scale Northern Trust can deliver to clients are illustrations of how technology is transforming the full operational life cycle in the leveraged loan market, from trade closing to portfolio management to asset servicing."

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Northern Trust reports that it has automated processing of the full trade settlement lifecycle for syndicated bank loans through integration with IHS Markit's ClearPar Custodian Services Messaging capability.

Designed to deliver trade data in a standardized format via secured communications, this service increases scalability and efficiency while reducing the risks inherent in a manual trade settlement process, says Northern Trust.

The bank says the new solution enables it to map critical trade and funding information seamlessly into its proprietary bank loan servicing platform, thereby providing digital access to all parties in a transaction. Key transaction data, including settlement date, settlement amounts and wire instructions is streamlined and communicated electronically, allowing it to seamlessly accommodate the triple digit trade volume increase it has experienced in the last five years.

"Syndicated loans are an increasingly important asset class for our institutional investors and family offices seeking higher yields. Integration with trade platforms such as ClearPar removes the potential for latency in the process and demonstrates our commitment to delivering timely and accurate daily data to our clients across the globe," said Pete Cherecwich, President of Corporate and Institutional Services, Northern Trust. "This integration raises the bar in complex asset processing."

"Northern Trust has achieved a unique level of custodian integration with ClearPar," said Patricia Tessier, Managing Director and Co-Head of Loan Platforms at IHS Markit. "The new levels of service and scale Northern Trust can deliver to clients are illustrations of how technology is transforming the full operational life cycle in the leveraged loan market, from trade closing to portfolio management to asset servicing."