October 8, 2012 – New York, NY – SunGard has expanded its Loanet suite of securities finance solutions with the launch of Loanet Automated Rebate Collection to help securities finance, operations, trading and technology professionals more efficiently handle the collection and settlement of rebates from firms borrowing or lending securities.
The borrower and the lender of a security accrue rebates that are generally collected by the payee on a monthly basis. Each party maintains its own records and relies on time consuming and inefficient manual processes such as emails and phone calls to resolve discrepancies and collect payments.
SunGard’s Loanet Automated Rebate Collection service streamlines the process for both matched and disputed rebates. It automatically collects rebates for matched payments, schedules their settlement, and extracts and reports rebate collection data. Optional modules automatically update general ledger systems for rebate payments, write-offs and adjustments. An easy-to-use workflow helps users research and negotiate any discrepancies with their counterparties. The service also centralizes all rebate collection and payment information and provides a full audit trail of all activities related to the negotiation and settlement of rebate charges.
Josh Galper, managing principal of Finadium, said, “Securities finance participants continue to adapt to faster moving markets and higher levels of regulation. Further automating the rebate collection process provides welcome relief from a time consuming and occasionally frustrating process. It also frees up important internal resources to focus on higher value added tasks.”
John Grimaldi, executive vice president, North American securities operations and securities finance for SunGard’s capital markets business, said, “Breakdowns in the collection and settlement process and the lack of straight-through processing can create excessive costs, risks, regulatory issues, and potential financial losses. Loanet Automated Rebate Collection helps automate this process, helping firms collect their payments more quickly and helping staff to focus on resolving exceptions.”
About SunGard’s Loanet
SunGard’s Loanet provides an integrated suite of solutions for the U.S. and Canadian domestic securities finance industry. Loanet helps broker/dealers, custodian banks, agent lenders and other market participants manage their entire securities finance business and achieve straight through processing. The Loanet community also provides access to a broad range of securities finance market participants and market automation services. For more information, please visit www.sungard.com/securitesfinance.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company and is ranked 480 on the Fortune 500. For more information, please visit www.sungard.com.