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Wall Street Banks Say Time for Loan Market to Ditch the Fax

  • Three banks developing new platform to share data with lenders
  • Tool set to launch in early 2022; more banks can join
fax machine

Source: Science & Society Picture Library/Getty Images

A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update.

Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan -- interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their own internal systems.