Market updates and sector developments

BNY turns to AccessFintech for digital innovation

BNY Mellon has become the first trustee to join the data management platform, AccessFintech, as it continues in its commitments to improving loan data management, operations, and digitisation across the financial universe.

The collaboration intends to significantly improve BNY Mellon’s loan data management capabilities by addressing historical issues, and ultimately enhancing assistance to clients in navigating the complexities of loan data.

AccessFintech’s digitisation of the loan life cycle strives to improve operations, regulatory compliance, decision making, and risk reduction by automating current manual processes.

In adopting AccessFintech’s technology with its own comprehensive services and expertise, BNY Mellon hopes the pair’s collaboration will open the door to new opportunities, and encourage further digital innovation across the market.

In other news…

FCA geen-lights Creditreform Rating

German credit rating agency Creditreform Rating has received certification from the Financial Conduct Authority, enabling it to offer its services to institutional investors in the UK. The development comes three months after the Neuss-headquartered business was included in the deposit guarantee scheme of German banks’ (EdB) portfolio of recognised rating agencies.

Creditreform is looking to establish itself as a European alternative for rating services in the international capital markets. It is currently managing 500 rating projects spanning 5,500 bonds and is seeking accreditation for ECAF, the ECB framework for limiting financial financial risks in monetary policy operations.