Standard Bank today introduced Reach, a digital platform set to transform syndicated loan management.
The banking group said Reach offers unmatched simplicity, transparency, and convenience for managing syndicated loans.
Developed by Standard Bank Investment Banking, Reach automates numerous tasks, enhances communication, and provides step-by-step guidance throughout the syndicated loan process. This cloud-based platform delivers a comprehensive 360-degree view of loan information, including portfolio summaries, loan types, commitments, drawdown history, facility details, interest rates, and more.
“With Reach, we are setting a new standard in the syndicated loan market,” said Kelly-Ann Myles, Head of Agency at Standard Bank. “Our platform’s ability to centralise and digitise loan data enhances efficiency, reduces error rates, and provides our clients with immediate access to vital loan information.”
Reach addresses the inefficiencies traditionally associated with manual loan administration processes. It replaces previous manual systems, which relied heavily on email coordination, with a fully digitised and automated system. This shift not only mitigates the risk of human error but also caters to the rapidly evolving needs of clients for digital solutions and comprehensive data insights.
The platform’s features include clear audit histories with date and time stamps for all correspondence and loan events, direct online chat with call history audit logs, real-time KYC verification, and automated reminders for outstanding tasks. Additionally, users have access to commercial details of syndicated loans, information on counterparties and financial covenants, monthly statements, and an online document management solution for legal agreements.
“Reach is more than just a digital platform; it’s a game-changer for the syndicated loan market,” added Kevin Ssemwogerere, Head of Investment Banking Ventures at Standard Bank.
“Clients no longer need to wait for manual processes to obtain their loan information. Everything they need is available at their fingertips, saving time and enhancing operational efficiency. Both lenders and borrowers can easily access and manage their loan documents, all stored in an organised, date-ordered manner.”
Currently available in South Africa, Reach is set to expand to other African countries in the latter part of 2024 and throughout 2025. The platform has already garnered global recognition, with a mention in The Banker 2024 awards where Standard Bank was announced as Investment Bank of the Year in Africa.
