Swedbank overhauls commercial lending tech with Misys’ Loan IQ
Misys says Swedbank will use the vendor’s flagship commercial lending system, FusionBanking Loan IQ, as “its full-service agency administration and bank portfolio loan administration platform”.
The new platform is expected to streamline the “complex third-party agency administration services”, from document tracking to compliance monitoring, loan making, syndication and distribution.
It will also help to decrease turnaround times and operational costs, increase transparency and improve risk management, Misys adds.
On the way out is Swedbank’s legacy home-grown loan administration system.
Klas André, head of business coordination at Swedbank, says the bank conducted a review of the market and “FusionBanking Loan IQ stood out as leader in supporting our objectives and will help us to kick start our loan management transformation”.
The project is scheduled for completion in May 2017.
FusionBanking Loan IQ is one of the two leaders in the syndicated/commercial lending software space (the other one is FIS’s ACBS). It has a broad international customer base of large banks.
In the Nordics, it has Nordea and SEB.
Elsewhere, users include ANZ, National Australia Bank (NAB), BNP Paribas, Commerzbank, Credit Suisse, Bank of America Merrill Lynch, Westpac, Wells Fargo, TD Bank and Société Générale.
A recent taker is Virtus Partners in the US.
Earlier this year, Misys partnered with Ipreo, a New York-based fintech firm, to integrate Debtdomain and Misys FusionBanking Loan IQ for syndicated loan arrangers and agents.