MILAN, Feb. 20, 2020 /PRNewswire/ -- IBM (NYSE:
IBM) and Centotrenta Servicing announce the HyperMast STS
platform, an end to end credit securitization management platform
based on IBM blockchain technology designed to address financial
sector requirements for their clients including data quality,
process security, flow traceability, and the reduction of
processing time and paper-based processes.
Centotrenta Servicing S.p.A, an Italian financial services
company, currently manages approximately 200 securitization
transactions per year in Italy
with a combined value of 15.6 billion
euros. As a servicer, Centotrenta Servicing is responsible
for servicing the portfolio, collecting the receivables, providing
cash and payment services, and monitoring the compliance of the
securitization transaction with applicable laws and the
prospectus.
Starting February 2020, the
HyperMast STS platform project
enters a phase of industrialization, and additional network
participants including paying agents, originators, servicers,
intermediaries, credit institutions and investors, law firms and
technology companies are encouraged to join.
The HyperMast STS platform aims to provide the financial market
with a tool to connect the entire ecosystem, made up of
originators, servicers, intermediaries, credit institutions and
investors –and allow them to interact in the different phases of
the securitization operation in a transparent, secure and traceable
way.
Based on Distributed Ledger Technology (DLT), HyperMast STS
offers real advantages for the stakeholders of the operations,
providing them with a greater level of interaction between them, a
greater sharing of processes and, greater confidence in the
processes and degree of guarantee of the financial assets.
In addition to the technology partners IBM and Blockchain Reply,
Reply Group companies specialized in innovative projects based on
DLT technology, they are part of the ecosystem led by Centotrenta
Servicing and including BNP Paribas Securities Services as account
and paying agent bank, other banks, advisors and prestigious law
firms.
The choice of the IBM Blockchain Platform was due to its
robustness and reliability, and its capabilities when creating DLT
permissioned environments, combining efficiency, operational
versatility with a hybrid cloud model, and data privacy
control.
The platform addresses the core processes in securitization
operations such as forming and signing the initial contracts (block
sale), and the contracts underlying the securities issuance
activities (block issue), and the definition of a "smart
contract".
The prototype was completed in November
2019 and addressed several key issues, such as possible ways
of interfacing with the Bank of Italy systems (Infostat, FE129), issues
related to security and user profiling, data protection management
and digital signature mechanisms that allow the various actors to
sign the HyperMast STS platform
regulations and perform onboarding according to their role.
About Centotrenta Servicing
Centotrenta Servicing S.p.A. is a servicer registered in the
Register of Financial Intermediaries no. 13 and performs
exclusively "master servicing" activities, thus representing a
complete guarantee role in structured finance transactions pursuant
to Law no. 130/1999. This guarantee function is effectively
exercisable without any conflict of interest, since none of the
Centotrenta Group companies carries out collection and/or
investment activities on the market.
Centotrenta Servicing S.p.A. currently manages approximately 200
securitization transactions. The assets in the managed portfolios
include performing loans, non-performing loans, leasing,
residential and commercial mortgages, consumer credit, trade
receivables, receivables from the Public Administration and other
assets. Since the date of the Bank of Italy's authorization, Centotrenta Servicing
S.p.A. has completed over 1,000 portfolio purchases. Assets
currently managed as servicers amount to 15.6 billion euros (figures updated to
November 2019). During 2019,
Centotrenta Servicing S.p.A. was the operator that promoted the
largest number of new SPVs in Italy, with a corresponding market share of
29% (source: Bankit - SVC List).
Visit also www.centotrenta.com
IBM
ibm.com
Media Contacts
Alessandra Satta, TMG
Alessandra.Satta@130servicing.com
Switchboard. +39 02 45472239 | Direct: +39 3755481692|
Claudia Ruffini, IBM External
Relations
cla@it.ibm.com
Tel. +39 335 6325093
View original content to download
multimedia:http://www.prnewswire.com/news-releases/centotrenta-servicing-redefines-credit-securitization-management-with-ibm-blockchain-platform-301008196.html
SOURCE IBM