{"id":"mJBCs8b0lAM","title":"Conversations from the Edge: Revolutionizing the syndicated loan market with DLT","description":"Digital Asset’s Kelly Mathieson, Cynthia Sachs from Versana, and Ellen Hefferan sit down for an in-depth conversation uncovering key insights into today's loan market landscape and digital transformation trends. This installment of ‘Conversations from the Edge’ highlights Versana’s Syndicated Loan platform, which is rapidly reshaping the debt capital markets and capturing the attention of leading agent banks.\n\nWhat you can expect:\n🔹Versana’s Impact: An overview of Versana's transformative role in the corporate credit market, focusing on benefits for agent banks and the buy-side.\n🔹Current Loan Market Landscape: A snapshot of today's loan market operations.\n🔹Data Privacy Among Agent Banks: Strategies for ensuring data privacy in a competitive banking environment.\n🔹Digital Transformation: Insights into how digitization is reshaping loan operations.\n\n‘Conversations from the Edge’ emphasizes crucial themes that drive digital ecosystem growth across the financial industry. Our guests are selected to share their experiences, challenges, and successes, painting a comprehensive picture of the rapidly evolving landscape.","channel_name":"Digital Asset","published_at":"2023-09-26T00:00:00.000Z","thumbnail_url":"https://i.ytimg.com/vi/mJBCs8b0lAM/hqdefault.jpg","transcript_text":"all right good morning everyone thank you so much for joining us our digital asset conversations from The Edge series promotes knowledge sharing and thought leadership through targeted discussions with industry experts we turn to our guests to provide specific high impact Insight on the emergence of digital networks for financial services and the use of Innovative Technologies such as smart contracts and distribute distributed ledgers for making all of the transformation happen the perspectives from experts on the key themes that are driving the digital ecosystem and growth across the industry is what we get the unique time to spend on today and so today we are delighted to have two such experts with us to discuss the transformation that is occurring in the syndicated loan Market we have Cynthia Sachs who is the founding CEO of Versona and she'll tell us a little a little bit about her organization and the great things they're doing and the partnership that they have with Ellen Heffernan and who is Executive Vice President of Operations and accounting for the loan syndications trading Association the lsta um so with that let's get right into it Ellen um given your background and the the breadth of of Industry uh uh engagement you have through your organization could we start off with a grounding in the loan market operations how you how would you describe it um that in terms of the current landscape sure uh thanks Kelly well the lsta has been the leading advocate for the U.S loan Market since 1995 and our aim has always been to force to cooperation and coordination among all loan Market participants and on the operations side that would include collaboration among all on participants including the software providers who have built systems used across the front the middle the back office across agent Banks dealers buy side institutions custodians trustees fund administrators uh all third party providers in our market and the current landscape is that these systems aren't necessarily interoperable with one another they've got a variety of processes that are not exactly easy to change but traditionally it hasn't been easy for lenders to verify information related to their positions related to outstanding commitments unfunded positions contract level details interest principal fee payments accruals transaction histories Etc and yet the positions if you think about it for a lender in an agent system should really mirror the positions and the information related to it in the lender portals and in the lender platforms so so frankly there's work to be done as we focus on capturing and encouraging timely accurate and complete data in all these systems and that's I think the interest right now in terms of data at the lsta and its participants there's a really good foundation because I think also too when you consider the uh the interest in in the activities in this market and doing more loans and getting a particularly as interest rate rides getting more out to the market getting a handle on that data so that it can support as you say interoperability and scale uh or probably two really critical changes or transformation activities from the past um Cynthia can we turn to you because uh so much of what Persona is doing is making a considerable impact in what what Ellen is talking about and transforming the corporate credit Market broadly across syndicated loans and and private credit and drawing in and on the participation of several leading agent Banks which you know candidly makes you a bit unique not all of our our listeners may be fully aware can you first share an overview of your platform and the Enterprise solution and talk through some of the benefits it's for both the agents and as Ellen mentioned the buy side as well of course thank you Kelly happy too and uh thank you for having me here with Ellen I really appreciate the time that everyone's taken to put on this webinar um so I'm really happy to provide an overview and highlight the key benefits of the Persona platform uh first though I do want to set the stage for those of you who are in this webinar who might not be aware of the broadly syndicated loan market and private credit and kind of the problem that Persona is solving for um so just so everyone's aware these syndicated loans private credit loans are large loans to companies um uh that are borrowing big amounts of capital perhaps it's for an acquisition perhaps it's to pay a dividend or refinance some existing debt and these large loans can run well into the billions of dollars and are syndicated to thousands of lenders across the market um so what makes this market so complex and Ellen kind of hit on this is that it's a very Dynamic Market with many moving pieces uh and data and it's highly flexible for the borrowers but operationally uh it's been very difficult for the participants in this market to track all of it unlike bonds it's a floating rate Market it's payable it's traded so it's constantly in a state of movement and cash flows from the borrower and secondary trades are unpredictable um so with that the market has grown massively over uh the last decade even more so than ever post the 08 crisis I'll say deals were getting bigger and bigger more lenders in these deals and operations as Ellen was pointing out have just not kept pace to support the growth and systems aren't interoperable um so the traditional ways that data has been disseminated into this market via emails via faxes or just Rife with with delays error-prone data sets and causing consistencies and as Ellen was saying uh you know this is across the lenders this is across their service providers trustees custodians and everyone one has to maintain their books and records and they have to do that right on behalf of the party that they're representing so it's very important that Versona now foundationally changes all of that um so let me talk a little bit about our platforms I wanted to set the stage on you know first class yeah so our platform is a multi-tenant platform it's a digital solution end to end so no more emails no more faxes I just mentioned and no more inconsistencies we're bringing the highest quality golden Source data to the market we're digitally connecting to agents books and Records in real time so since it's coming from so many agent Banks we're normalizing the data we're centralizing that data onto one platform so that the market could consume that data digitally um and we're creating this for the first time ever and that means straight through processing and self-service capabilities to make the market way more efficient and reduce operational friction and lower costs for everybody um so with that everyone front middle back office can now play from the same Playbook and therefore we can increase operational efficiencies reduce operational risk and help the market function in a healthier way so that it can grow in a scalable way and really Versona is setting that Foundation now to enable that scalability and ultimately what you're doing is is really aiding the capital markets by getting the ability for more Capital more balance sheet more credit to be available to an ever increasing uh a set of Market participants so when I think um uh Ellen about what Cynthia's just said it's a complex Market that prior to the existence of asano was taking upwards of 30 to 60 days for many loans to be done um what she's describing from a multi-tenant perspective and and yet addressing the complexity of the workflow um from cash to um uh to reporting across that that platform is a unifying platform can you talk a little bit about just reflecting back on your comments um uh in setting sort of the landscape Foundation talk a little bit about why a unifying platform will help the various Market participants is going to be the golden Source or hopefully if you take all the ancient Banks across our market and we must have 80 of them who apply for qsips so there are a number of Agents across the market if I'm A lender in these in these various deals that they're agenting and I want to verify my position I today have to verify with an individual agent um it's it's difficult right if you take one golden Source you bring in all the ancient data and you put it in one place I can go in as a uh in real time this is beautiful in real time and know my position for any facility that I have across the Spectrum so so it's just easier it's easier and that's not going to benefit just operations that's going to bend benefit trading it's going to benefit someone who can perhaps this is connected to a frontwater management system and they can go in and they can see their positions and they can see what cash is going to come in we're hitting a quarter end soon and I'll talk more about that later but you'll see the cash that's going to come into managing that is like another another beautiful part of this if you can get all this data in one position one place it's it's going to benefit so many aspects of the market it isn't funny I mean what you're both describing is going fully from the the trading as you're saying uh uh Ellen all the way through to operations and we're talking about something in the capital markets that has been so operationally intensive for so long it's almost hard to Fathom uh it's almost actually a silly question to say what are the benefits because it's like you know how long do you have to be able to talk about how it's impacting the uh or it has a potential impact the market participants but one thing I'm struck by um and outstanding the fact that there's a a great amount of of Industry dialogue and coordination via the lsta is that this is also a hugely competitive market I I kind of joke about it when I when I think about your clients at Cynthia and I think none of them really like each other very much because it's a highly intense uh high it's an intensely competitive um uh you know highly uh uh High return type of business and so they don't really actually want to give that up to each other but equally they want to make sure that data that one source that both of you are talking about is not inadvertently shared or inappropriately shared with others can you talk a little bit about how you how you get at that with your platform how do you ensure that the privacy of the activity um and data of of each of your participants is is held in control then in the way they intend yeah that's a great question and absolutely a key tenant to the design of our platform at the core so syndicated loans are private financial instruments and typically privately held by large institutional loan managers or Banks um and therefore the confidentiality of the loan portfolio compositions is Paramount actually and is really at the base of what we built here so Persona was designed specifically with that as top of mind and is a strict permission based system so you can imagine with the many banks that are already involved in Persona and maybe I should take this moment to mention who they are we have eight children um which the audience might not know so our shareholders are JPMorgan Bank of America Credit Suisse Citibank Deutsche Bank Morgan Stanley Wells and U.S Bank um as largely agent banks in this market so the data is coming from their golden Source books and Records um you can only imagine right that they have held us to the highest standards for data security and privacy I literally could only imagine I can only imagine what we're doing internally day to day to ensure that that is course you know part of everything the fabric of everything that we do and we have a permission based design so your users on the platform can only see and access data that they are entitled to see based on that ledger being that that lender I should say being a named lender of record in the deal um so that's huge um that you've already been vetted through that process you're able to get that data because you are actually in the transaction so you've already gone through a lot of the processes on the bank side um and also Kelly as you well know we also used the July set in our Tech staff so that our mutable it should be The Ledger technology um which of course smart contracts that will lend us eventually right you know perhaps in the future I'll say for blockchain et cetera but not now you know we're using the distributed Ledger piece with that as kind of the forward view um and so with that privacy and permissioning is absolutely Paramount for Rosanna um and we only got the core of everything we do yeah it's really one of the best examples in the industry I was just relating to earlier some of the feedback from a conference last week that we were at where where the um the solution and the business that you all have have created was a topic of some great dialogue because it is just a great example in one of the earliest examples of creating a network not compromising on all of the points that you've just made about privacy and the ability to maintain controls and risk around the data that is supporting these transactions yet at the same time go back to the points that you both have made about interoperability multi-tenancy and and scalability so it you know I really do credit to to all of you and I I can actually say I can attest to the rigor with which you and your clients wrote requirements and did testing is probably one of the best practices examples that that we know of um and and now obviously you're getting the benefits of that which is great so um Ellen if we can just reflect on this now so we've talked about some of the challenges in the current state and uh what's starting to if not already transforming to some great degree as a result of the the work that Cynthia and her team are doing can you talk a little bit about how you see the a little bit of a future lens because you you know you have such a breadth of experience with the lsdi how do you see the market changing with digital activities digitization particularly of loan operations I mean one thing that I think will change is the whole aspect of providing notices providing notices at quarter end at month end um literally an agent bank will stop processing trades for settlement from two to five days or so a month and quarter end um if you look at a calendar today today's the 26th the payment will probably go out you know at month end they probably have closed the books with settlement pretty soon if not tomorrow and do the math multiply that by 12 potentially and there's quite a bit of days that trades cannot settle which is not helpful to us they're just taken out of the market right it's just that's your point about it kind of did days when it comes to settling you can try it all you want but but in terms of settling it's more difficult because again they're trying to lock down a Lending Group and part of why they're locking it down is so they can send notices to the lenders regarding the next contract period this will be your rate your margin your credit spread adjustment your own rate Etc and this will be the period of time a month whatever three months but but the reality is if all that were in a system that could be accessed if you had to look at it you could look at it and access it right or even better through middleware through apis Etc what's in their system is in my system well you don't necessarily have to send notices and the trouble with the thing right now is that if you send notices today to 800 lenders in a deal or some number like that and you decide to change settle you decide to settle some trades well those lenders change maybe not a lot of them but they do change and in some systems you have to resend notices out to 800 to give the notice to the people who have been before all right so I think you can eliminate all of that that takes away a lot of the emails the faxes and just have it feed through to the next system but it does have to have interoperability I can't over stress that and that's not going to be overnight we need a little bit of patience in this but it will simplify all of that and if I then get more days I listen to me to settle trades um you know our agents can can do that work and and right now it's a little bit rough it'll also simplify reconciliation um Etc all of it would be easier yeah simplification is never bad when it comes to to these types of transactions Cynthia I'm conscious of the fact that we're talking about this but you're actually doing it so can you talk a little bit about how Persona attacks this particular aspect of of the the solution yeah yeah so with Versona we truly believe this is a game changer um for the market and that everyone wins um and Ellen was kind of talking about this you know in in her commentary that from ages lenders and their service providers having this data real time is just overall a win for the market and so from and you know kind of going through that right how do they all win so agent Banks essentially achieve an incredible amount of operational efficiencies through the transparency of the platform because they can now serve their clients better and also help improve their balance sheet management I think uh uh Ellen mentioned that uh in the earlier part of the webinar um and their capabilities to do that and to reduce regulatory Capital needs so for them this is a huge win right number one lenders now is as Ellen was saying see digital notices in real time so no more emails and faxes as we talk as we said and they achieve straight through processing and self-service capabilities right so now they see exactly what the agent bank would see they don't need to call and when they see it right it's literally the same time yeah right so right now they're kind of blind they don't know exactly what the agent records show it's like not having your bank statement right you don't see it so um now you can see it you don't have to call over to the agent bank and wait for a response back or email them um now you can actually see essentially you know your uh you know their their Ledger and you know you could obviously then as also Ellen said you know rocket tells you to your ledger so you know there's huge benefits there particularly at month and quarter end um you know when there's you know most activity um and then even the service providers right the third party service providers who really help these fun these funds administer their loans trustees custodians Etc it takes the friction out of their processes in the same exact way so it increases their efficiencies it reduces their costs to serve their fun admin clients better which are essentially our clients um so Kelly quite frankly it's a win-win for everybody and we're really excited to move as quickly as we can to make this a reality and you know variety and and I'd just say you know to say it's not a reality we absolutely are already built you're already doing it we already have clients we already have you know an incredible number of agent Banks and buy side uh onboarded and using the platform uh so we're just thrilled with the momentum that we've gotten um and we're going to continue um and of course you know a very early stage company but we have created straight through processing it actually is a reality um so I just wanted to make that clear it's not kind of a pipe dream for the future it has happened and is happening actually to pick up on that point because it is worth stressing we're not talking about something that you're thinking of doing is something and I remember the day it was November 18th of last year I remember it very specifically um is when the the platform went live and it subsequently uh grown considerably since then not the least of which is to your point doubling the um the amount of agent banks that that you're working with in a rather short period of time which is you know frankly you know a testament to the to the design and the way you all are running it so can I pull on that thread a little bit more I want to make sure that we're not just simply talking about the creation of of loans and how they're managed up to the point of getting them to to be live then and sort of issues so to speak can you talk a little bit about what you're also doing the features and functionalities that are available to Monitor and manage loan performance yeah so so just so just let me kind of step back and say the main feature of the platform write stems from these digital notices in real time that we've been talking about so that's kind of the core but with that right um and just so everyone's aware borrowers are required in the credit agreements to provide these uh notices to the agent banks on their cash flows and events as they're happening and that could be as Ellen said I think earlier principal and interest payments floating rate contract rollover elections Etc there's a lot swirling around that so not always predictable right and not always predictable and that is the kind of the the complication and why they call syndicated law is a complex asset class it's because it's constantly moving pieces these floating rate contracts uh are elected by the borrower they could elect you don't know what they're going to elect a three-month uh contract or they can elect a six-month contract or they can elect an overnight now so far if I said Libor anywhere in this please forgive me I just might have come out that way no you didn't you didn't okay um so so you don't know what the what the company is going to choose you don't know when that's going to roll over right and you don't know when they might make a prepayment you know you probably know when they're going to make an amortization payment because that's in the credit agreement but there's but a trade you don't know exactly when your Trader or your PM is going to decide to make a credit decision to buy more or less there's a lot of things that are not predictable as we were just saying earlier so these notices right give the visibility and consistency I'm just kind of repeating a little bit I don't mean to but um to really ultimately make better decisions so having the transparency into the global level information right transaction history by position by fund as well as the floating contract knowing your weighted average base rate right because you you see now the contracts on the platform right this is and the pricing of those now that you know so far is uh you know call it four or five percent um it's meaningful and then a spread and then you know whatever you know fees you know might be on top of that or discount or premium paid for that right there's real yield now in these loans unlevered right yields that are really happening and so you know everybody needs to know this um this info information and it's just a huge benefit for the loan Market overall we talk about operations right it's key and what we're building is key and foundational to operations absolutely but this will also help other parts of the businesses um training uh your portfolio management risk everything so um you know this Foundation is is really the key to be able to start there but of course expand into other parts of the loan ecosystem yeah no it's I mean it's it's we keep saying foundational and transformational yeah you know those words tend to be overused but really not in this not in this setting not in this case and I think we yeah because we want to set the the the the kind of The Benchmark on this because there's so much to build from here but this Market has needed this Foundation this um you know really solid start with data with interoperable technology right to be able to then be able to make other change so this is very game changing and it will continue yeah I mean I will say just to give a bit of a a nod I mean obviously anybody's listening knows I think I have the solution that you've made but and then I make um no uh you know full transparency on that but what I do think is also important or is implied if not stated in in what you're saying is there's also a pretty big sense of responsibility that you and your team have brought into this of not only just creating something that is going to generate new revenue and get more loans done but you are talking about creating an infrastructure that the market can build on for the next generation and maybe even Beyond like you've thought about Network and multi-tenancy and interoperability and the importance of permissioning and privacy in your design it wasn't an afterthought it wasn't something you searched for as you were building out the functionality it's literally at the core of what you've done and I I think that's why you get to a point where you see such incredible benefits accruing even at this early stage um yeah but what I want to do now is switch cars a little bit because oh no please go ahead go ahead no I was just going to say you know this this is a massive effort not just by Versa not right but also by our shareholders by our banks you know this was if people on the call recall this was a project within the banks early on many years ago right so you know and then kind of spun out into Versona and there's tons of really brilliant people at the banks you know also helping right like you cannot do this alone and I do I do want to shout out yes I do think we're you know have an incredible Foundation here that's been designed and built over actually um you know the course of a few years already Versona really you know is around for about a year and the product a year or so but uh the work on this has been gone for some time yeah yeah I you know JP Morgan Bank of America credits recent City I'll say is the founding shareholders um you know is is a huge part of this and we have a lot of people at those Banks who working with us to you know help us get to this point so yeah for sure for sure good well all of this actually you know when I reflect on what you guys are saying we're talking about a level of transparency that is heretofore never existed a level of data availability and access that hasn't hasn't previously existed a way for uh the multiple tenants and and Banks and lenders and other trustees other industry other industry entities to come work together um Ellen something you said you had alluded to earlier in the conversation about a recently uh it's an industry initiative that I think is also taking advantage of this and and aiding the process further so a recently announced open entity identifier created by qsip the CEI could you talk a little bit about what that is and how it how it how it factors into all of this sure all right a strategic component to the data transmission and consumption is that parties deals and facilities are uniquely identified and that all loan systems utilize the same set of unique identifiers so when you think about it when ancient Banks build facilities into their system and New Deals into their system they uniquely identify them with the qsip and when they give the data to Versona it's going to come with accusep right um and however you know with technology designed to optimize system interoperability and digitally connect the entire Market it became very apparent that there was a need in the corporate loan market for an open source entity identifier so while we had the identifier that could be shared throughout anybody can use it as accusep um the we did not have an open source entity identifier that all Market participants could use that all vendors could use without restriction so given the lsda's long history of working with qsip I went back to them and said um you could create you basically could create an entity identifier right and they agreed and Versona the lsta and cusa put our heads together and they built the new identifier so um so it's accused of entity identifier short for that as CEI and it's a 10 carat along ID Alpha is first and America's second the rest of random and then there's a check digit at the end but each legal entity will have a CEI per jurisdiction multi-managed funds we have multi-managed funds an hour um in our world they all have a unique CEI based on the fund fund manager relationship this is a concept people are very accustomed to and we didn't really change it up much but the idea is that it's open source restricted to no one you can go online you can look up uh CEI database you can get the CEI of of a given fund a given bank once they all apply and um and it's going to make life a lot easier to have it that way so what I would suggest though to people listening to this is go on apply go on to qsub.com there's a CEI user guide it's also on the lsga.org website and um and apply for these ceis so that your systems are ready to accept the adoption of a streamlined digital workflow so between that and also load cue slips into your system because you're going to need those as well if you don't already have them but you should have them because they come on your notices today yep that's great so if I think about it you know we've spent a good chunk of time now talking about the transformation and the solution to it but there's still an element of needing to communicate that to the industry to sort of get the message out so to speak on the opportunities and the detail of the transformation obviously this is one way of doing it but can you talk a little bit and Ellen maybe you could start first some of the things that you're doing at LSAT lsta to get the the message out and and to have more discussion like this for anybody who's listening who may want to learn a bit more right I mean we have a number of working groups across the by side the custodians the agents Etc but probably the one thing to highlight is that we're going to be having our lsta annual conference on October 12th um are we moderating two panels on that uh but one of them is definitely called transforming the loan Market through real-time Digital Data so hopefully what I would do is encourage people to attend our conference that day um David Camp who's the CIO of Versona will be on the uh will be no CTO Chief technology exactly he will be um he will be on the panel but in addition to Dave we're gonna we're gonna have representation from software providers representing the agents the buy side the dealers so it should be very very interesting and insightful and the idea is is one of working together and they are they are of the mindset now to start to do that so I think this is going to be great and we're going to take that through to committee work with them to really get some standards off the ground that will help to to digitize the space and to uh and to literally make it interoperable great thank you Cynthia can you um add on to it things you're doing uh I mean while you're busy building all of this and implementing it things you're doing to help sort of raise the level of awareness and education in the industry yeah of course so listen we're aggressively talking to all the low Market players every day multiple times a day so that includes Banks and the buy side and the service providers also includes potential strategic partners because you know we've said this many times but I will repeat we don't need to build everything ourselves if there are solutions already out there that are best in class we're happy to consider Partnerships as well um so really out there educating um the the entire Market on the platform so they could actually start thinking about how they're going to incorporate our Enterprise solution into their workflows as soon as possible um right now a lot of the firms are going through the 24 budgeting um so we've been ahead of that we've been talking about you know where they see Persona in their plans um and we of course want them to start using the platform and kicking the tires so they see the value of the platform right and understand kind of what that value proposition is for them of course workflows changing is never easy so we're really trying to educate and we've been doing this really even before the product was launched last year educating the market um you know we're also sponsoring events we will be of course at the annual lsta conference and the 12th we're excited about that it is one of our big showcase conferences that we'd love to sponsor everyone is there um you know we have you know a lot of folks that will come over we have demos going at that conference so anywhere on the call who would like to get a demo who may not have gotten it yet please come we'd be very happy to show you um the the platform and it's improving I'll say by the minute we literally enhance the platform every two weeks is our Sprint schedule so uh it's probably even you know better than maybe what you saw last um and of course you know the other part of this is we have really great relationships with our shareholder Banks which is really super helpful as well as we have a very large buy side advisory committee that we formed as the mark as our product was launching I think it was even last year Ellen correct me if I'm wrong but we really started to bring the market particularly the buy side into what we were doing because everyone was very focused on us at that time being agent focused and Bank focused and it wasn't necessarily that we were but we had to start somewhere and it was very important to get the agent data and get those commitments um you know to be able to you know build the platform and centralize it Etc so uh centralize all that data so with that the buy side committee has been very very helpful in providing feedback helps us prioritize along with you know the agent Banks and their priorities so that our roadmap is super robust uh and that our Tech teams and product teams can build for the future so uh you know we're really you know doing what we can it takes a village for all of this but we're firing at all cylinders and we really want to make change happen as quickly as possible so that's great and let's pick up on that that last point just one last question to to each of you sort of thematically the same type of question of you know give us a lens into uh where we go from here um Cynthia perhaps you can start just give us a view into persona's strategy what's next yeah so so there's so many amazing features and new products on our roadmap and our roadmap is long so we obviously have the short-term view of what we need to do right now and then of course a longer term view so right now we are very focused on building the solid foundation as we've talked about and getting thousands of facilities uh on the platform across the market globally so um you know that includes term one A's B's delete draws which are very specific um kind of fully more um you know I'll say institutional but we're focused on revolvers which are very Dynamic and very complicated to manage both in the US and abroad you know in Europe Etc so multi-currency as well um letters of credit are in our sites and of course taking this data and you know as the core is you know uh you know formed in in a more solid way as more data comes on of course talking to more agent Banks about bringing their data on um to really try to get 100 coverage or close to it for uh all the market participants um and that's kind of the I'll say the near term road map um there's a lot more to do from there but um our Pro our product roadmap is really really super exciting and um you know literally you know love seeing the team execute on it every day um you know to really make change for this Marketplace yeah with the opportunity to work with the the types of Market participants you guys so I can't imagine you ever have a shortage of great ideas in in the road map so that's right yeah it's fantastic um Ellen how about the the last word can you give us um your lens into the future of the loan Market yeah I mean My Lens is that all these systems are interoperable um that we streamline and structure the Digital Data and the workflows we eliminate many manual processes I I don't think we can forget that the new generation of people coming into our Market were probably born with an iPhone and and just completely are not are not interested in manual processes it's not their world it's not anything that makes an ounce of sense to them so frankly we need to get this done we need to get to the point where no one is keying in data um that can afford problems and errors Etc that nobody wants to have anyway but but honestly people want to do more interesting work I think than anything that's manual so to the extent that all of these systems can speak the same uh language provide the same real-time data with accuracy transparency obviously avoid those notices uh unnecessarily reconciliations that I mean people just don't want to sit and do that kind of work frankly um and I don't blame them I think we're beyond that I think we're better than that um and I do think that we can collaborate now among all the vendors I think that's key to embracing uh any kind of transformation and automation but I think people have gotten to the point where they're genuinely interested in affecting change it's not just persona it's across all the vendors that I speak with and I speak with a lot of them um and I think they're willing to collaborate so fingers crossed that that is the key to making this all uh all gel for our next generation of our next Generation right leave them with transparency and scale yes well listen yeah well thank you both I mean this has just been a a fantastic dialogue I I so appreciate as does everybody's listening the level of detail and just leadership that um that you brought I mean you could just feel that it's not just simply something you're doing but it's palpable how important you feel this is and as I alluded to earlier a bit of a sense of responsibility that you and your teams have for for really changing the industry not in simply a way to do more but to do it well um so thank you for um for for all of your insights um and uh and and for all of the the work you've done to date we look forward to to more I encourage everybody who is spend time with us today or listening into after to learn more about Persona and and lstta lsta and the great work that they're doing particularly the conference that that Ellen has mentioned um and last I'll say thank you from uh digital asset for joining us today um we're privileged to be a partner to Versona and to be part of the industry dialogue that lsta is forming and uh and holding and and we find it to be incredibly uh powerful uh even for an organization that you know that has our seat in the industry and helping to transform this so we're we're thrilled to be able to work with both of you um thanks everyone for joining um uh join us for our next conversation from the edge in October where we will focus on the repurchase agreement and securities financing Market thanks everyone have a nice days thank you thanks Kelly thank you thank you","transcript_synced_at":"2026-10-26T04:06:59.945Z","segments":[{"start_seconds":1,"text":"all right good morning everyone thank you so much for joining us our digital asset conversations from The Edge series","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1s"},{"start_seconds":9,"text":"promotes knowledge sharing and thought leadership through targeted discussions with industry experts we turn to our","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=9s"},{"start_seconds":17,"text":"guests to provide specific high impact Insight on the emergence of digital networks for financial services and the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=17s"},{"start_seconds":25,"text":"use of Innovative Technologies such as smart contracts and distribute distributed ledgers for making all of the transformation happen the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=25s"},{"start_seconds":34,"text":"perspectives from experts on the key themes that are driving the digital ecosystem and growth across the industry","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=34s"},{"start_seconds":42,"text":"is what we get the unique time to spend on today and so today we are delighted to have two such experts with us to","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=42s"},{"start_seconds":51,"text":"discuss the transformation that is occurring in the syndicated loan Market we have Cynthia Sachs who is the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=51s"},{"start_seconds":58,"text":"founding CEO of Versona and she'll tell us a little a little bit about her organization and the great things they're doing and the partnership that","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=58s"},{"start_seconds":66,"text":"they have with Ellen Heffernan and who is Executive Vice President of Operations and accounting for the loan","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=66s"},{"start_seconds":73,"text":"syndications trading Association the lsta um so with that let's get right into it Ellen um given your background and the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=73s"},{"start_seconds":82,"text":"the breadth of of Industry uh uh engagement you have through your organization could we start off with a","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=82s"},{"start_seconds":90,"text":"grounding in the loan market operations how you how would you describe it um that in terms of the current landscape","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=90s"},{"start_seconds":98,"text":"sure uh thanks Kelly well the lsta has been the leading advocate for the U.S loan Market since 1995 and our aim has","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=98s"},{"start_seconds":107,"text":"always been to force to cooperation and coordination among all loan Market participants and on the operations side","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=107s"},{"start_seconds":114,"text":"that would include collaboration among all on participants including the software providers who have built systems used across the front the middle","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=114s"},{"start_seconds":123,"text":"the back office across agent Banks dealers buy side institutions custodians trustees fund administrators","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=123s"},{"start_seconds":132,"text":"uh all third party providers in our market and the current landscape is that these systems aren't necessarily","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=132s"},{"start_seconds":139,"text":"interoperable with one another they've got a variety of processes that are not exactly easy to change but traditionally","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=139s"},{"start_seconds":147,"text":"it hasn't been easy for lenders to verify information related to their positions related to outstanding","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=147s"},{"start_seconds":153,"text":"commitments unfunded positions contract level details interest principal fee","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=153s"},{"start_seconds":160,"text":"payments accruals transaction histories Etc and yet the positions if you think about it for a lender in an agent system","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=160s"},{"start_seconds":169,"text":"should really mirror the positions and the information related to it in the lender portals and in the lender","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=169s"},{"start_seconds":175,"text":"platforms so so frankly there's work to be done as we focus on capturing and encouraging timely accurate and complete","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=175s"},{"start_seconds":184,"text":"data in all these systems and that's I think the interest right now in terms of data at the lsta and its participants","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=184s"},{"start_seconds":192,"text":"there's a really good foundation because I think also too when you consider the uh the interest in in the activities in","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=192s"},{"start_seconds":201,"text":"this market and doing more loans and getting a particularly as interest rate rides getting more out to the market getting a handle on that data so that it","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=201s"},{"start_seconds":208,"text":"can support as you say interoperability and scale uh or probably two really critical changes or transformation","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=208s"},{"start_seconds":216,"text":"activities from the past um Cynthia can we turn to you because uh so much of what Persona is doing is","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=216s"},{"start_seconds":223,"text":"making a considerable impact in what what Ellen is talking about and transforming the corporate credit Market","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=223s"},{"start_seconds":230,"text":"broadly across syndicated loans and and private credit and drawing in and on the participation of several leading agent","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=230s"},{"start_seconds":239,"text":"Banks which you know candidly makes you a bit unique not all of our our listeners may be fully aware can you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=239s"},{"start_seconds":246,"text":"first share an overview of your platform and the Enterprise solution and talk through some of the benefits it's for both the agents and as Ellen mentioned","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=246s"},{"start_seconds":255,"text":"the buy side as well of course thank you Kelly happy too and uh thank you for having me here with Ellen I really appreciate the time that everyone's","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=255s"},{"start_seconds":264,"text":"taken to put on this webinar um so I'm really happy to provide an overview and highlight the key benefits of the Persona platform uh first though I do","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=264s"},{"start_seconds":273,"text":"want to set the stage for those of you who are in this webinar who might not be aware of the broadly syndicated loan market and private credit and kind of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=273s"},{"start_seconds":280,"text":"the problem that Persona is solving for um so just so everyone's aware these syndicated loans private credit loans","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=280s"},{"start_seconds":287,"text":"are large loans to companies um uh that are borrowing big amounts of capital perhaps it's for an acquisition perhaps it's to pay a dividend or","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=287s"},{"start_seconds":295,"text":"refinance some existing debt and these large loans can run well into the billions of dollars and are syndicated to thousands of lenders across the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=295s"},{"start_seconds":303,"text":"market um so what makes this market so complex and Ellen kind of hit on this is that it's a very Dynamic Market with many","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=303s"},{"start_seconds":311,"text":"moving pieces uh and data and it's highly flexible for the borrowers but operationally uh it's been very","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=311s"},{"start_seconds":320,"text":"difficult for the participants in this market to track all of it unlike bonds it's a floating rate Market it's payable","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=320s"},{"start_seconds":327,"text":"it's traded so it's constantly in a state of movement and cash flows from the borrower and secondary trades are unpredictable","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=327s"},{"start_seconds":334,"text":"um so with that the market has grown massively over uh the last decade even more so than ever post the 08 crisis","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=334s"},{"start_seconds":341,"text":"I'll say deals were getting bigger and bigger more lenders in these deals and operations as Ellen was pointing out have just not kept pace to support the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=341s"},{"start_seconds":349,"text":"growth and systems aren't interoperable um so the traditional ways that data has been disseminated into this market via","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=349s"},{"start_seconds":357,"text":"emails via faxes or just Rife with with delays error-prone data sets and causing","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=357s"},{"start_seconds":364,"text":"consistencies and as Ellen was saying uh you know this is across the lenders this is across their service providers trustees custodians and everyone one has","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=364s"},{"start_seconds":373,"text":"to maintain their books and records and they have to do that right on behalf of the party that they're representing so it's very important that Versona now","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=373s"},{"start_seconds":381,"text":"foundationally changes all of that um so let me talk a little bit about our platforms I wanted to set the stage on you know first class yeah so our","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=381s"},{"start_seconds":390,"text":"platform is a multi-tenant platform it's a digital solution end to end so no more emails no more faxes I just mentioned","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=390s"},{"start_seconds":397,"text":"and no more inconsistencies we're bringing the highest quality golden Source data to the market we're digitally connecting to agents books and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=397s"},{"start_seconds":406,"text":"Records in real time so since it's coming from so many agent Banks we're normalizing the data we're centralizing that data onto one platform so that the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=406s"},{"start_seconds":415,"text":"market could consume that data digitally um and we're creating this for the first time ever and that means straight through processing and self-service","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=415s"},{"start_seconds":424,"text":"capabilities to make the market way more efficient and reduce operational friction and lower costs for everybody um so with that everyone front middle","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=424s"},{"start_seconds":432,"text":"back office can now play from the same Playbook and therefore we can increase operational efficiencies reduce operational risk and help the market","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=432s"},{"start_seconds":439,"text":"function in a healthier way so that it can grow in a scalable way and really Versona is setting that Foundation now","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=439s"},{"start_seconds":447,"text":"to enable that scalability and ultimately what you're doing is is really aiding the capital markets by","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=447s"},{"start_seconds":455,"text":"getting the ability for more Capital more balance sheet more credit to be available to an ever increasing uh a set","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=455s"},{"start_seconds":462,"text":"of Market participants so when I think um uh Ellen about what Cynthia's just said it's a complex Market that prior to","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=462s"},{"start_seconds":469,"text":"the existence of asano was taking upwards of 30 to 60 days for many loans to be done um what she's describing from a","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=469s"},{"start_seconds":477,"text":"multi-tenant perspective and and yet addressing the complexity of the workflow um from cash to um uh to reporting across that that","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=477s"},{"start_seconds":486,"text":"platform is a unifying platform can you talk a little bit about just reflecting back on your comments um uh in setting","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=486s"},{"start_seconds":494,"text":"sort of the landscape Foundation talk a little bit about why a unifying platform will help the various Market participants","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=494s"},{"start_seconds":503,"text":"is going to be the golden Source or hopefully if you take all the ancient Banks across our market and we must have","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=503s"},{"start_seconds":510,"text":"80 of them who apply for qsips so there are a number of Agents across the market if I'm A lender in these in these","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=510s"},{"start_seconds":518,"text":"various deals that they're agenting and I want to verify my position I today have to verify with an individual agent","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=518s"},{"start_seconds":526,"text":"um it's it's difficult right if you take one golden Source you bring in all the ancient data and you put it in one place","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=526s"},{"start_seconds":533,"text":"I can go in as a uh in real time this is beautiful in real time and know my","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=533s"},{"start_seconds":539,"text":"position for any facility that I have across the Spectrum so so it's just easier it's easier and that's not going","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=539s"},{"start_seconds":548,"text":"to benefit just operations that's going to bend benefit trading it's going to benefit someone who can perhaps this is connected to a frontwater management","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=548s"},{"start_seconds":555,"text":"system and they can go in and they can see their positions and they can see what cash is going to come in we're hitting a quarter end soon and I'll talk more about that later but you'll see the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=555s"},{"start_seconds":564,"text":"cash that's going to come into managing that is like another another beautiful part of this if you can get all this data in one position one place","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=564s"},{"start_seconds":574,"text":"it's it's going to benefit so many aspects of the market it isn't funny I mean what you're both describing is","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=574s"},{"start_seconds":580,"text":"going fully from the the trading as you're saying uh uh Ellen all the way through to operations and we're talking about something in the capital markets","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=580s"},{"start_seconds":589,"text":"that has been so operationally intensive for so long it's almost hard to Fathom uh it's almost actually a silly question to say what are the benefits because","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=589s"},{"start_seconds":597,"text":"it's like you know how long do you have to be able to talk about how it's impacting the uh or it has a potential impact the market participants but one","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=597s"},{"start_seconds":604,"text":"thing I'm struck by um and outstanding the fact that there's a a great amount of of Industry dialogue","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=604s"},{"start_seconds":612,"text":"and coordination via the lsta is that this is also a hugely competitive market","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=612s"},{"start_seconds":618,"text":"I I kind of joke about it when I when I think about your clients at Cynthia and I think none of them really like each other very much because it's a highly","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=618s"},{"start_seconds":627,"text":"intense uh high it's an intensely competitive um uh you know highly uh uh High return","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=627s"},{"start_seconds":635,"text":"type of business and so they don't really actually want to give that up to each other but equally they want to make sure that data that one source that both","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=635s"},{"start_seconds":642,"text":"of you are talking about is not inadvertently shared or inappropriately shared with others can you talk a little bit about how you how you get at that","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=642s"},{"start_seconds":650,"text":"with your platform how do you ensure that the privacy of the activity um and data of of each of your participants is is held in control then","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=650s"},{"start_seconds":659,"text":"in the way they intend yeah that's a great question and absolutely a key tenant to the design of our platform at the core so syndicated loans are private","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=659s"},{"start_seconds":667,"text":"financial instruments and typically privately held by large institutional loan managers or Banks um and therefore the confidentiality of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=667s"},{"start_seconds":675,"text":"the loan portfolio compositions is Paramount actually and is really at the base of what we built here so Persona was designed specifically with that as","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=675s"},{"start_seconds":683,"text":"top of mind and is a strict permission based system so you can imagine with the many banks that are already involved in Persona and maybe I should take this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=683s"},{"start_seconds":690,"text":"moment to mention who they are we have eight children um which the audience might not know so our shareholders are JPMorgan Bank of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=690s"},{"start_seconds":698,"text":"America Credit Suisse Citibank Deutsche Bank Morgan Stanley Wells and U.S Bank um as largely agent banks in this market","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=698s"},{"start_seconds":707,"text":"so the data is coming from their golden Source books and Records um you can only imagine right that they have held us to the highest standards for data security and privacy I","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=707s"},{"start_seconds":715,"text":"literally could only imagine I can only imagine what we're doing internally day to day to ensure that that is course you know part of everything the fabric of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=715s"},{"start_seconds":724,"text":"everything that we do and we have a permission based design so your users on the platform can only see and access data that they are entitled to see based","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=724s"},{"start_seconds":732,"text":"on that ledger being that that lender I should say being a named lender of record in the deal um so that's huge um that you've already","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=732s"},{"start_seconds":741,"text":"been vetted through that process you're able to get that data because you are actually in the transaction so you've already gone through a lot of the processes on the bank side","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=741s"},{"start_seconds":749,"text":"um and also Kelly as you well know we also used the July set in our Tech staff so that our mutable it should be The Ledger technology","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=749s"},{"start_seconds":757,"text":"um which of course smart contracts that will lend us eventually right you know perhaps in the future I'll say for blockchain et cetera but not now you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=757s"},{"start_seconds":765,"text":"know we're using the distributed Ledger piece with that as kind of the forward view um and so with that privacy and permissioning is absolutely Paramount for Rosanna","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=765s"},{"start_seconds":774,"text":"um and we only got the core of everything we do yeah it's really one of the best examples in the industry I was just relating to earlier some of the feedback from a conference last week","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=774s"},{"start_seconds":782,"text":"that we were at where where the um the solution and the business that you all have have created was a topic of some great dialogue because it is just a","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=782s"},{"start_seconds":791,"text":"great example in one of the earliest examples of creating a network not compromising on all of the points that you've just made about privacy and the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=791s"},{"start_seconds":799,"text":"ability to maintain controls and risk around the data that is supporting these transactions yet at the same time go back to the points that you both have","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=799s"},{"start_seconds":807,"text":"made about interoperability multi-tenancy and and scalability so it you know I really do credit to to all of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=807s"},{"start_seconds":814,"text":"you and I I can actually say I can attest to the rigor with which you and your clients wrote requirements and did testing is probably one of the best","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=814s"},{"start_seconds":822,"text":"practices examples that that we know of um and and now obviously you're getting the benefits of that which is great so","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=822s"},{"start_seconds":830,"text":"um Ellen if we can just reflect on this now so we've talked about some of the challenges in the current state and uh what's starting to if not already","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=830s"},{"start_seconds":838,"text":"transforming to some great degree as a result of the the work that Cynthia and her team are doing can you talk a little bit about how you see the a little bit","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=838s"},{"start_seconds":847,"text":"of a future lens because you you know you have such a breadth of experience with the lsdi how do you see the market changing with digital activities","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=847s"},{"start_seconds":856,"text":"digitization particularly of loan operations I mean one thing that I think will change is the whole aspect of providing","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=856s"},{"start_seconds":864,"text":"notices providing notices at quarter end at month end um literally an agent bank will stop","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=864s"},{"start_seconds":871,"text":"processing trades for settlement from two to five days or so a month and quarter end um if you look at a calendar today","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=871s"},{"start_seconds":878,"text":"today's the 26th the payment will probably go out you know at month end they probably have closed the books with settlement pretty soon if not tomorrow","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=878s"},{"start_seconds":887,"text":"and do the math multiply that by 12 potentially and there's quite a bit of days that trades cannot settle which is","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=887s"},{"start_seconds":895,"text":"not helpful to us they're just taken out of the market right it's just that's your point about it kind of did days when it comes to settling you can try it","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=895s"},{"start_seconds":902,"text":"all you want but but in terms of settling it's more difficult because again they're trying to lock down a Lending Group and part of why they're locking it down is so they can send","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=902s"},{"start_seconds":910,"text":"notices to the lenders regarding the next contract period this will be your rate your margin your credit spread adjustment your own rate Etc and this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=910s"},{"start_seconds":919,"text":"will be the period of time a month whatever three months but but the reality is if all that were in a system","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=919s"},{"start_seconds":928,"text":"that could be accessed if you had to look at it you could look at it and access it right or even better through","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=928s"},{"start_seconds":934,"text":"middleware through apis Etc what's in their system is in my system well you don't necessarily have to send notices","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=934s"},{"start_seconds":941,"text":"and the trouble with the thing right now is that if you send notices today to 800 lenders in a deal or some number like","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=941s"},{"start_seconds":948,"text":"that and you decide to change settle you decide to settle some trades well those lenders change maybe not a lot of them","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=948s"},{"start_seconds":956,"text":"but they do change and in some systems you have to resend notices out to 800 to give the notice to the people who have","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=956s"},{"start_seconds":964,"text":"been before all right so I think you can eliminate all of that that takes away a lot of the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=964s"},{"start_seconds":971,"text":"emails the faxes and just have it feed through to the next system but it does have to have interoperability I can't","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=971s"},{"start_seconds":979,"text":"over stress that and that's not going to be overnight we need a little bit of patience in this but it will simplify all of that and if I then get more days","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=979s"},{"start_seconds":989,"text":"I listen to me to settle trades um you know our agents can can do that work and and right now it's a little bit","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=989s"},{"start_seconds":998,"text":"rough it'll also simplify reconciliation um Etc all of it would be easier yeah simplification is never bad when it","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=998s"},{"start_seconds":1006,"text":"comes to to these types of transactions Cynthia I'm conscious of the fact that we're talking about this but you're actually doing it so can you talk a little bit about how Persona attacks","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1006s"},{"start_seconds":1014,"text":"this particular aspect of of the the solution yeah yeah so with Versona we truly believe this is a game changer","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1014s"},{"start_seconds":1022,"text":"um for the market and that everyone wins um and Ellen was kind of talking about this you know in in her commentary that from ages lenders and their service","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1022s"},{"start_seconds":1031,"text":"providers having this data real time is just overall a win for the market and so from and you know kind of going through that right how do they all win so agent","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1031s"},{"start_seconds":1040,"text":"Banks essentially achieve an incredible amount of operational efficiencies through the transparency of the platform because they can now serve their clients better and also help improve their","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1040s"},{"start_seconds":1049,"text":"balance sheet management I think uh uh Ellen mentioned that uh in the earlier part of the webinar um and their capabilities to do that and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1049s"},{"start_seconds":1056,"text":"to reduce regulatory Capital needs so for them this is a huge win right number one lenders now is as Ellen was saying","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1056s"},{"start_seconds":1063,"text":"see digital notices in real time so no more emails and faxes as we talk as we said and they achieve straight through processing and self-service capabilities","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1063s"},{"start_seconds":1071,"text":"right so now they see exactly what the agent bank would see they don't need to call and when they see it right it's literally the same time yeah right so","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1071s"},{"start_seconds":1079,"text":"right now they're kind of blind they don't know exactly what the agent records show it's like not having your bank statement right you don't see it so","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1079s"},{"start_seconds":1088,"text":"um now you can see it you don't have to call over to the agent bank and wait for a response back or email them um now you can actually see essentially","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1088s"},{"start_seconds":1095,"text":"you know your uh you know their their Ledger and you know you could obviously then as also Ellen said you know rocket tells you to your ledger so you know","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1095s"},{"start_seconds":1104,"text":"there's huge benefits there particularly at month and quarter end um you know when there's you know most activity um and then even the service providers right the third party service providers","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1104s"},{"start_seconds":1112,"text":"who really help these fun these funds administer their loans trustees custodians Etc it takes the friction out of their processes in the same exact way","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1112s"},{"start_seconds":1121,"text":"so it increases their efficiencies it reduces their costs to serve their fun admin clients better which are essentially our clients","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1121s"},{"start_seconds":1129,"text":"um so Kelly quite frankly it's a win-win for everybody and we're really excited to move as quickly as we can to make","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1129s"},{"start_seconds":1136,"text":"this a reality and you know variety and and I'd just say you know to say it's not a reality we absolutely are already built you're already doing it we already","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1136s"},{"start_seconds":1144,"text":"have clients we already have you know an incredible number of agent Banks and buy side uh onboarded and using the platform","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1144s"},{"start_seconds":1152,"text":"uh so we're just thrilled with the momentum that we've gotten um and we're going to continue um and of course you know a very early","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1152s"},{"start_seconds":1159,"text":"stage company but we have created straight through processing it actually is a reality um","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1159s"},{"start_seconds":1168,"text":"so I just wanted to make that clear it's not kind of a pipe dream for the future it has happened and is happening actually to pick up on that point","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1168s"},{"start_seconds":1175,"text":"because it is worth stressing we're not talking about something that you're thinking of doing is something and I remember the day it was November 18th of last year I remember it very","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1175s"},{"start_seconds":1182,"text":"specifically um is when the the platform went live and it subsequently uh grown considerably since then not the least of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1182s"},{"start_seconds":1190,"text":"which is to your point doubling the um the amount of agent banks that that you're working with in a rather short period of time which is you know frankly","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1190s"},{"start_seconds":1197,"text":"you know a testament to the to the design and the way you all are running it so can I pull on that thread a little bit more I want to make sure that we're not just simply talking about the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1197s"},{"start_seconds":1206,"text":"creation of of loans and how they're managed up to the point of getting them to to be live then and sort of issues so","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1206s"},{"start_seconds":1214,"text":"to speak can you talk a little bit about what you're also doing the features and functionalities that are available to Monitor and manage loan performance yeah","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1214s"},{"start_seconds":1222,"text":"so so just so just let me kind of step back and say the main feature of the platform write stems from these digital notices in real time that we've been","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1222s"},{"start_seconds":1231,"text":"talking about so that's kind of the core but with that right um and just so everyone's aware borrowers are required in the credit agreements to provide","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1231s"},{"start_seconds":1238,"text":"these uh notices to the agent banks on their cash flows and events as they're happening and that could be as Ellen said I think earlier principal and interest payments floating rate contract","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1238s"},{"start_seconds":1247,"text":"rollover elections Etc there's a lot swirling around that so not always predictable right and not always predictable and that is the kind of the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1247s"},{"start_seconds":1256,"text":"the complication and why they call syndicated law is a complex asset class it's because it's constantly moving pieces these floating rate contracts uh","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1256s"},{"start_seconds":1265,"text":"are elected by the borrower they could elect you don't know what they're going to elect a three-month uh contract or they can elect a six-month contract or","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1265s"},{"start_seconds":1273,"text":"they can elect an overnight now so far if I said Libor anywhere in this please forgive me I just might have come out","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1273s"},{"start_seconds":1279,"text":"that way no you didn't you didn't okay um so so you don't know what the what the company is going to choose you don't","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1279s"},{"start_seconds":1288,"text":"know when that's going to roll over right and you don't know when they might make a prepayment you know you probably know when they're going to make an amortization payment because that's in","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1288s"},{"start_seconds":1295,"text":"the credit agreement but there's but a trade you don't know exactly when your Trader or your PM is going to decide to make a credit decision to buy more or","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1295s"},{"start_seconds":1303,"text":"less there's a lot of things that are not predictable as we were just saying earlier so these notices right give the visibility and consistency I'm just kind","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1303s"},{"start_seconds":1311,"text":"of repeating a little bit I don't mean to but um to really ultimately make better decisions so having the transparency into the global level information right","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1311s"},{"start_seconds":1319,"text":"transaction history by position by fund as well as the floating contract knowing your weighted average base rate right","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1319s"},{"start_seconds":1326,"text":"because you you see now the contracts on the platform right this is and the pricing of those now that you know so far is uh you know call it four or five","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1326s"},{"start_seconds":1335,"text":"percent um it's meaningful and then a spread and then you know whatever you know fees you know might be on top of that or discount or premium paid for that right there's","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1335s"},{"start_seconds":1344,"text":"real yield now in these loans unlevered right yields that are really happening and so you know everybody needs to know","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1344s"},{"start_seconds":1351,"text":"this um this info information and it's just a huge benefit for the loan Market overall we talk about operations right it's key and what we're building is key","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1351s"},{"start_seconds":1360,"text":"and foundational to operations absolutely but this will also help other parts of the businesses um training uh your portfolio management","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1360s"},{"start_seconds":1368,"text":"risk everything so um you know this Foundation is is really","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1368s"},{"start_seconds":1375,"text":"the key to be able to start there but of course expand into other parts of the loan ecosystem yeah no it's I mean it's","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1375s"},{"start_seconds":1383,"text":"it's we keep saying foundational and transformational yeah you know those words tend to be overused but really not in this not in this setting not in this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1383s"},{"start_seconds":1391,"text":"case and I think we yeah because we want to set the the the the kind of The Benchmark on this because there's so","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1391s"},{"start_seconds":1399,"text":"much to build from here but this Market has needed this Foundation this um you know really solid start with data","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1399s"},{"start_seconds":1408,"text":"with interoperable technology right to be able to then be able to make other change so this is very game changing and it will continue yeah I mean I will say","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1408s"},{"start_seconds":1417,"text":"just to give a bit of a a nod I mean obviously anybody's listening knows I think I have the solution that you've made but and then I make","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1417s"},{"start_seconds":1425,"text":"um no uh you know full transparency on that but what I do think is also important or is implied if not stated in","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1425s"},{"start_seconds":1432,"text":"in what you're saying is there's also a pretty big sense of responsibility that you and your team have brought into this of not only just creating something that","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1432s"},{"start_seconds":1440,"text":"is going to generate new revenue and get more loans done but you are talking about creating an infrastructure that the market can build on for the next","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1440s"},{"start_seconds":1449,"text":"generation and maybe even Beyond like you've thought about Network and multi-tenancy and interoperability and the importance of permissioning and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1449s"},{"start_seconds":1457,"text":"privacy in your design it wasn't an afterthought it wasn't something you searched for as you were building out the functionality it's literally at the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1457s"},{"start_seconds":1465,"text":"core of what you've done and I I think that's why you get to a point where you see such incredible benefits accruing even at this early stage","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1465s"},{"start_seconds":1473,"text":"um yeah but what I want to do now is switch cars a little bit because oh no please go ahead go ahead no I was just going to say you know this this is a","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1473s"},{"start_seconds":1481,"text":"massive effort not just by Versa not right but also by our shareholders by our banks you know this was if people on the call recall this was a project","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1481s"},{"start_seconds":1490,"text":"within the banks early on many years ago right so you know and then kind of spun out into Versona and there's tons of really brilliant people at the banks you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1490s"},{"start_seconds":1499,"text":"know also helping right like you cannot do this alone and I do I do want to shout out yes I do think we're you know","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1499s"},{"start_seconds":1507,"text":"have an incredible Foundation here that's been designed and built over actually um you know the course of a few years already Versona really you know is","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1507s"},{"start_seconds":1515,"text":"around for about a year and the product a year or so but uh the work on this has been gone for some time yeah yeah I you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1515s"},{"start_seconds":1523,"text":"know JP Morgan Bank of America credits recent City I'll say is the founding shareholders um you know is is a huge part of this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1523s"},{"start_seconds":1530,"text":"and we have a lot of people at those Banks who working with us to you know help us get to this point so yeah for sure for sure good well all of this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1530s"},{"start_seconds":1539,"text":"actually you know when I reflect on what you guys are saying we're talking about a level of transparency that is heretofore never existed a level of data","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1539s"},{"start_seconds":1548,"text":"availability and access that hasn't hasn't previously existed a way for uh the multiple tenants and and Banks and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1548s"},{"start_seconds":1555,"text":"lenders and other trustees other industry other industry entities to come work together","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1555s"},{"start_seconds":1562,"text":"um Ellen something you said you had alluded to earlier in the conversation about a recently uh it's an industry initiative that I think is also taking","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1562s"},{"start_seconds":1571,"text":"advantage of this and and aiding the process further so a recently announced open entity identifier created by qsip","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1571s"},{"start_seconds":1579,"text":"the CEI could you talk a little bit about what that is and how it how it how it factors into all of this","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1579s"},{"start_seconds":1586,"text":"sure all right a strategic component to the data transmission and consumption is that parties deals and facilities are","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1586s"},{"start_seconds":1593,"text":"uniquely identified and that all loan systems utilize the same set of unique identifiers so when you think about it","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1593s"},{"start_seconds":1600,"text":"when ancient Banks build facilities into their system and New Deals into their system they uniquely identify them with","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1600s"},{"start_seconds":1607,"text":"the qsip and when they give the data to Versona it's going to come with accusep right um and however","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1607s"},{"start_seconds":1616,"text":"you know with technology designed to optimize system interoperability and digitally connect the entire Market it","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1616s"},{"start_seconds":1623,"text":"became very apparent that there was a need in the corporate loan market for an open source entity identifier so while","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1623s"},{"start_seconds":1630,"text":"we had the identifier that could be shared throughout anybody can use it as accusep um the we did not have an open source","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1630s"},{"start_seconds":1639,"text":"entity identifier that all Market participants could use that all vendors could use without restriction","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1639s"},{"start_seconds":1646,"text":"so given the lsda's long history of working with qsip I went back to them and said um you could create you basically could","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1646s"},{"start_seconds":1655,"text":"create an entity identifier right and they agreed and Versona the lsta and cusa put our heads together and they","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1655s"},{"start_seconds":1664,"text":"built the new identifier so um so it's accused of entity identifier short for that as CEI and it's a 10","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1664s"},{"start_seconds":1672,"text":"carat along ID Alpha is first and America's second the rest of random and then there's a check digit at the end","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1672s"},{"start_seconds":1679,"text":"but each legal entity will have a CEI per jurisdiction multi-managed funds we have multi-managed funds an hour","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1679s"},{"start_seconds":1688,"text":"um in our world they all have a unique CEI based on the fund fund manager relationship this is a concept people","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1688s"},{"start_seconds":1694,"text":"are very accustomed to and we didn't really change it up much but the idea is that it's open source restricted to no","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1694s"},{"start_seconds":1702,"text":"one you can go online you can look up uh CEI database you can get the CEI of of a given fund a given bank once they all","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1702s"},{"start_seconds":1711,"text":"apply and um and it's going to make life a lot easier to have it that way so what I would suggest though to people","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1711s"},{"start_seconds":1717,"text":"listening to this is go on apply go on to qsub.com there's a CEI user guide","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1717s"},{"start_seconds":1723,"text":"it's also on the lsga.org website and um and apply for these ceis so that your systems are ready to accept the adoption","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1723s"},{"start_seconds":1731,"text":"of a streamlined digital workflow so between that and also load cue slips into your system because you're going to need those as well if you don't already have them but you should have them","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1731s"},{"start_seconds":1739,"text":"because they come on your notices today yep that's great so if I think about it you know we've spent a good chunk of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1739s"},{"start_seconds":1747,"text":"time now talking about the transformation and the solution to it but there's still an element of needing to communicate that to the industry to","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1747s"},{"start_seconds":1755,"text":"sort of get the message out so to speak on the opportunities and the detail of the transformation obviously this is one way of doing it but can you talk a","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1755s"},{"start_seconds":1762,"text":"little bit and Ellen maybe you could start first some of the things that you're doing at LSAT lsta to get the the message out and and to have more","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1762s"},{"start_seconds":1771,"text":"discussion like this for anybody who's listening who may want to learn a bit more right I mean we have a number of working groups across the by side the custodians","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1771s"},{"start_seconds":1780,"text":"the agents Etc but probably the one thing to highlight is that we're going to be having our lsta annual conference on October 12th","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1780s"},{"start_seconds":1788,"text":"um are we moderating two panels on that uh but one of them is definitely called transforming the loan Market through real-time Digital Data so hopefully what","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1788s"},{"start_seconds":1797,"text":"I would do is encourage people to attend our conference that day um David Camp who's the CIO of Versona","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1797s"},{"start_seconds":1805,"text":"will be on the uh will be no CTO Chief technology exactly he will be um he will be on the panel but in","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1805s"},{"start_seconds":1813,"text":"addition to Dave we're gonna we're gonna have representation from software providers representing the agents the buy side the dealers so it should be","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1813s"},{"start_seconds":1821,"text":"very very interesting and insightful and the idea is is one of working together and they are they are of the mindset now","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1821s"},{"start_seconds":1830,"text":"to start to do that so I think this is going to be great and we're going to take that through to committee work with them to really get some standards off","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1830s"},{"start_seconds":1838,"text":"the ground that will help to to digitize the space and to uh and to literally make it interoperable great thank you Cynthia can you um add","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1838s"},{"start_seconds":1847,"text":"on to it things you're doing uh I mean while you're busy building all of this and implementing it things you're doing to help sort of raise the level of","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1847s"},{"start_seconds":1854,"text":"awareness and education in the industry yeah of course so listen we're aggressively talking to all the low Market players every day multiple times","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1854s"},{"start_seconds":1862,"text":"a day so that includes Banks and the buy side and the service providers also includes potential strategic partners because you know we've said this many","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1862s"},{"start_seconds":1871,"text":"times but I will repeat we don't need to build everything ourselves if there are solutions already out there that are best in class we're happy to consider","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1871s"},{"start_seconds":1878,"text":"Partnerships as well um so really out there educating um the the entire Market on the platform so they could actually start thinking about how they're going to incorporate","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1878s"},{"start_seconds":1887,"text":"our Enterprise solution into their workflows as soon as possible um right now a lot of the firms are going through the 24 budgeting","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1887s"},{"start_seconds":1896,"text":"um so we've been ahead of that we've been talking about you know where they see Persona in their plans um and we of course want them to start","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1896s"},{"start_seconds":1903,"text":"using the platform and kicking the tires so they see the value of the platform right and understand kind of what that value proposition is for them of course","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1903s"},{"start_seconds":1911,"text":"workflows changing is never easy so we're really trying to educate and we've been doing this really even before the product was launched last year educating","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1911s"},{"start_seconds":1920,"text":"the market um you know we're also sponsoring events we will be of course at the annual lsta conference and the 12th we're excited about that it is one of our big showcase","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1920s"},{"start_seconds":1929,"text":"conferences that we'd love to sponsor everyone is there um you know we have you know a lot of folks that will come over we have demos","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1929s"},{"start_seconds":1937,"text":"going at that conference so anywhere on the call who would like to get a demo who may not have gotten it yet please come we'd be very happy to show you um","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1937s"},{"start_seconds":1946,"text":"the the platform and it's improving I'll say by the minute we literally enhance the platform every two weeks is our Sprint schedule so uh it's probably even","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1946s"},{"start_seconds":1955,"text":"you know better than maybe what you saw last um and of course you know the other part of this is we have really great relationships with our shareholder Banks","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1955s"},{"start_seconds":1963,"text":"which is really super helpful as well as we have a very large buy side advisory committee that we formed","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1963s"},{"start_seconds":1970,"text":"as the mark as our product was launching I think it was even last year Ellen correct me if I'm wrong but we really started to bring the market particularly","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1970s"},{"start_seconds":1978,"text":"the buy side into what we were doing because everyone was very focused on us at that time being agent focused and Bank focused and it wasn't necessarily","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1978s"},{"start_seconds":1986,"text":"that we were but we had to start somewhere and it was very important to get the agent data and get those commitments um you know to be able to you know build","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1986s"},{"start_seconds":1994,"text":"the platform and centralize it Etc so uh centralize all that data so with that the buy side committee has been very very helpful in providing","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=1994s"},{"start_seconds":2002,"text":"feedback helps us prioritize along with you know the agent Banks and their priorities so that our roadmap is super robust uh and that our Tech teams and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2002s"},{"start_seconds":2011,"text":"product teams can build for the future so uh you know we're really you know doing what we can it takes a village for all of this but we're firing at all","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2011s"},{"start_seconds":2020,"text":"cylinders and we really want to make change happen as quickly as possible so that's great and let's pick up on that that last point just one last","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2020s"},{"start_seconds":2027,"text":"question to to each of you sort of thematically the same type of question of you know give us a lens into uh where we go from here um Cynthia perhaps you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2027s"},{"start_seconds":2036,"text":"can start just give us a view into persona's strategy what's next yeah so so there's so many amazing features and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2036s"},{"start_seconds":2043,"text":"new products on our roadmap and our roadmap is long so we obviously have the short-term view of what we need to do right now and then of course a longer","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2043s"},{"start_seconds":2051,"text":"term view so right now we are very focused on building the solid foundation as we've talked about and getting thousands of facilities uh on the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2051s"},{"start_seconds":2060,"text":"platform across the market globally so um you know that includes term one A's B's delete draws which are very specific","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2060s"},{"start_seconds":2067,"text":"um kind of fully more um you know I'll say institutional but we're focused on revolvers which are very Dynamic and very complicated to manage both in the","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2067s"},{"start_seconds":2076,"text":"US and abroad you know in Europe Etc so multi-currency as well um letters of credit are in our sites","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2076s"},{"start_seconds":2083,"text":"and of course taking this data and you know as the core is you know uh you know formed in in a more solid way as more","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2083s"},{"start_seconds":2091,"text":"data comes on of course talking to more agent Banks about bringing their data on um to really try to get 100 coverage or close to it for uh all the market","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2091s"},{"start_seconds":2099,"text":"participants um and that's kind of the I'll say the near term road map um there's a lot more to do from there but","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2099s"},{"start_seconds":2108,"text":"um our Pro our product roadmap is really really super exciting and um you know literally you know love seeing the team execute on it every day","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2108s"},{"start_seconds":2118,"text":"um you know to really make change for this Marketplace yeah with the opportunity to work with the the types of Market participants you guys so I can't imagine you ever have a shortage","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2118s"},{"start_seconds":2126,"text":"of great ideas in in the road map so that's right yeah it's fantastic um Ellen how about the the last word can","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2126s"},{"start_seconds":2134,"text":"you give us um your lens into the future of the loan Market yeah I mean My Lens is that all these systems are interoperable","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2134s"},{"start_seconds":2143,"text":"um that we streamline and structure the Digital Data and the workflows we eliminate many manual processes I I don't think we can forget that the new","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2143s"},{"start_seconds":2151,"text":"generation of people coming into our Market were probably born with an iPhone and and just completely are not are not","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2151s"},{"start_seconds":2159,"text":"interested in manual processes it's not their world it's not anything that makes an ounce of sense to them so frankly we","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2159s"},{"start_seconds":2166,"text":"need to get this done we need to get to the point where no one is keying in data um that can afford problems and errors","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2166s"},{"start_seconds":2174,"text":"Etc that nobody wants to have anyway but but honestly people want to do more interesting work I think than anything that's manual so to the extent that all","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2174s"},{"start_seconds":2182,"text":"of these systems can speak the same uh language provide the same real-time data with accuracy transparency obviously","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2182s"},{"start_seconds":2190,"text":"avoid those notices uh unnecessarily reconciliations that I mean people just don't want to sit and do that kind of work frankly","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2190s"},{"start_seconds":2199,"text":"um and I don't blame them I think we're beyond that I think we're better than that um and I do think that we can collaborate now among all the vendors I","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2199s"},{"start_seconds":2207,"text":"think that's key to embracing uh any kind of transformation and automation but I think people have gotten to the point where they're genuinely interested","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2207s"},{"start_seconds":2215,"text":"in affecting change it's not just persona it's across all the vendors that I speak with and I speak with a lot of them um and I think they're willing to","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2215s"},{"start_seconds":2223,"text":"collaborate so fingers crossed that that is the key to making this all uh all gel for our next generation of our next","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2223s"},{"start_seconds":2232,"text":"Generation right leave them with transparency and scale yes well listen yeah well thank you both I mean this has just","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2232s"},{"start_seconds":2239,"text":"been a a fantastic dialogue I I so appreciate as does everybody's listening the level of detail and just leadership","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2239s"},{"start_seconds":2247,"text":"that um that you brought I mean you could just feel that it's not just simply something you're doing but it's palpable how important you feel this is","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2247s"},{"start_seconds":2254,"text":"and as I alluded to earlier a bit of a sense of responsibility that you and your teams have for for really changing the industry not in simply a way to do","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2254s"},{"start_seconds":2262,"text":"more but to do it well um so thank you for um for for all of your insights um and uh and and for all","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2262s"},{"start_seconds":2269,"text":"of the the work you've done to date we look forward to to more I encourage everybody who is spend time with us today or listening into after to learn","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2269s"},{"start_seconds":2277,"text":"more about Persona and and lstta lsta and the great work that they're doing particularly the conference that that","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2277s"},{"start_seconds":2284,"text":"Ellen has mentioned um and last I'll say thank you from uh digital asset for joining us today","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2284s"},{"start_seconds":2291,"text":"um we're privileged to be a partner to Versona and to be part of the industry dialogue that lsta is forming and uh and","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2291s"},{"start_seconds":2300,"text":"holding and and we find it to be incredibly uh powerful uh even for an organization that you know that has our","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2300s"},{"start_seconds":2307,"text":"seat in the industry and helping to transform this so we're we're thrilled to be able to work with both of you um thanks everyone for joining","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2307s"},{"start_seconds":2315,"text":"um uh join us for our next conversation from the edge in October where we will focus on the repurchase agreement and securities financing Market thanks","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2315s"},{"start_seconds":2323,"text":"everyone have a nice days thank you thanks Kelly thank you thank you","url":"https://www.youtube.com/watch?v=mJBCs8b0lAM&t=2323s"}],"youtube_url":"https://youtube.com/watch?v=mJBCs8b0lAM","url":"https://ccpedia.xyz/videos/mJBCs8b0lAM"}