The deal between the two agencies will see them deploy agent banks
as part of financial inclusion measures.
To set the framework of Agency Agreements to be concluded with agent banks
and to set functions and responsibilities of the agent banks
within the framework of these agreements
All three services enable agent banks
and lenders to view and reconcile syndicated loans on a daily basis.
Successful applicants will be notified by their agent banks
Societe Generale joins the growing list of top tier global agent banks
that use the Reconciliation Service to view and reconcile loan positions and accruals.
The three agent banks
entrusted to repay the depositors are Muganbank, Bank Respublika and Agbank.
Along with the agent banks
, more than 2,800 investment funds and lending entities administered by more than 250 leading funds managers and bank lenders have linked to the reconciliation service since Loan/SERV was launched in 2008.
NEW YORK & LONDON -- The Depository Trust & Clearing Corporation (DTCC) today announced that its Loan/SERV Reconciliation Services now links eight leading global agent banks
to more than 2,300 investment funds and bank lenders - representing more than half the global syndicated loan market - located in 37 countries across North America, Europe, Asia and Africa.
DTCC introduced its earlier Reconciliation Service in 2008, which enabled agent banks
and lenders to view and reconcile loans at a total commitment balance level; Contract Reconciliation followed in 2009.
THE WOODLANDS, Texas -- Merchants' Choice Payment Solutions (MCPS) announced today that the conversion of over 200 agent banks
acquired from Silverton Bank of Atlanta, Georgia has been successfully completed.
We are excited to have the opportunity to serve Silverton's agent banks
and their merchant customers," said Stan Paur, president and CEO of Merchants' Choice Payment Solutions.
This service will complement our existing Loan/SERV Reconciliation and Messaging Services, both introduced in 2008, that automate and facilitate the trading and tracking of syndicated loans for both agent banks