Misys, the financial software company, says that Virtus Partners (Virtus) has successfully implemented Misys FusionBanking Loan IQ as its full-service agency administration and bank portfolio loan administration platform. FusionBanking Loan IQ is a solution for servicing commercial loans including: structured, project, syndicated, bilateral, asset-based, commercial real estate, agricultural, Islamic and niche lending.
Virtus says its comprehensive outsourcing solutions enable its customers to decouple business risks from operational risks, allowing them to focus on credit origination. “After surveying the landscape, it was clear that FusionBanking Loan IQ was the most complete solution from an agency perspective for fund accounting and administration, settlements, performance service and loan services,” said Robert Tomicic, partner and co-founder. “Now we are able to provide a full-service offering to loan originators that want to enter the market quickly and at a reduced cost, and/or for financial institutions that need to reduce operational costs while maintaining institutional-grade back and middle-office functionality.”
The rollout was completed in just three months and came in under budget. The platform, which includes the Misys FusionFabric technology architecture and advanced API integration, enables the easy assimilation of market data and straight-through processing within the Virtus Trade Settlement platform.
Said Thomas King, managing director, Americas at Misys: “Bank regulators have dictated higher capital requirements, which has forced a scaling-down of balance sheets. This has created a great opportunity for buy-side firms and other non-bank lenders in the syndicated and middle-market lending space. These new market entrants need a third-party partner that can help them enter the market quickly and efficiently.”