Versana announced that founding bank J.P. Morgan has achieved straight-through processing (STP) on its centralized digital data platform, a first for the syndicated loan market. This milestone is a monumental leap forward for the industry, greatly increasing operational efficiencies and ushering in a new era of streamlined digital workflows. A guiding principle of Versana’s founding mission, the achievement of STP represents the most tangible evidence of asset class transformation since the launch of the Versana platform in December 2022.

Commenting on this accomplishment, Versana’s Founding CEO Cynthia Sachs said, “From our inception, we’ve been steadfast in our pursuit to solve the operational inefficiencies and technological fragmentation inherent in the corporate loan market. J.P. Morgan’s industry leading achievement of straight-through processing is clear evidence of the loan market’s digital transformation, materially reducing friction for all participants. We look forward to replicating this huge milestone with all our subscribers and making STP the industry standard.”

Versana enables market participants to digitally access global loan and lender level details in real time directly from agent bank systems. Versana also normalizes this golden source data, ensuring consistency as it flows through the platform to lenders’ book and records without manual intervention. This increases efficiencies throughout the post-trade lifecycle while greatly easing operational and counterparty risks. With the benefits of STP now being achieved, true modernization of the $7 trillion broadly syndicated loan and private corporate credit markets is a reality.

Joseph Ferraiolo, Head of Debt Capital Markets Operations & Merchant Bank Policy at J.P. Morgan, said:“Utilizing Versana’s platform to automate antiquated workflows and achieve straight-through processing on a number of syndicated loan transactions represents a significant step toward true modernization for the market. The simplification of data messages across both revolvers and term loan facilities streamlines workstreams for admin agents and lenders alike.”

This straight-through processing achievement comes at a time of significant growth for the company, with Versana now counting over 3,600 syndicated loan facilities (Revolver, Term Loan A and Term Loan B) totaling $2.1 trillion in commitments on its next-generation platform.

Source: Versana