Pirum automates loan release process
01 March 2016 London
Image: Shutterstock
Pirum has completed work on its new Loan Release functionality, allowing lending clients to fully automate the release process for their new loan instructions.
Pre-collateralisation of new loans, usually required the day before or on the day the loan is due to settle, is “manual and time-consuming”, according to Pirum, leading to long delays between collateral being received and loans being released, and a risk of loans being released in error.
Pirum’s new Loan Release service works in combination with Exposure and RQV to fully automate the release cycle for new loans.
It calculates the collateral required, once a loan is booked, and automatically compares this with the collateral received, either bilaterally or via triparty accounts, to determine when the loan is collateralised and can be released.
When loans are ready to be released, a message will be sent from Pirum directly to the lender’s system, triggering the loan to be released for settlement. This calculation is performed continuously throughout the day as both new loan data and updated collateral information is received, “significantly reducing any delay between collateral being received and loans being marked as collateralised and released”.
Pirum’s new Loan Release service also reacts to fully customisable criteria to automatically prioritise loan release, and includes manual override.
Pre-collateralisation of new loans, usually required the day before or on the day the loan is due to settle, is “manual and time-consuming”, according to Pirum, leading to long delays between collateral being received and loans being released, and a risk of loans being released in error.
Pirum’s new Loan Release service works in combination with Exposure and RQV to fully automate the release cycle for new loans.
It calculates the collateral required, once a loan is booked, and automatically compares this with the collateral received, either bilaterally or via triparty accounts, to determine when the loan is collateralised and can be released.
When loans are ready to be released, a message will be sent from Pirum directly to the lender’s system, triggering the loan to be released for settlement. This calculation is performed continuously throughout the day as both new loan data and updated collateral information is received, “significantly reducing any delay between collateral being received and loans being marked as collateralised and released”.
Pirum’s new Loan Release service also reacts to fully customisable criteria to automatically prioritise loan release, and includes manual override.
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