BNY launches ABS transparency platform for U.S. consumer loan market
A year after two major fraud cases exposed hidden risks in standard financial documentation, BNY is introducing new tools aimed at improving visibility in the roughly $1 trillion asset-backed securities market. The effort centers on a digital registry designed to bring together data on U.S. consumer loans and asset-backed securities across the life of a deal.
Highlights
- BNY, with the Structured Finance Association, launched the VeriCORE platform to create a unified digital registry for U.S. consumer loans and asset-backed securities.
- The platform enables investors and bankers to track ABS transactions from origination through secondary trading, addressing transparency issues highlighted by recent fraud incidents.
- Centralized data consolidation aims to improve due diligence, risk assessment, and operational controls in the structured finance market, responding to regulatory and market demands.
Platform rollout and market scope
As reported by Bloomberg, citing the Structured Finance Association, which helped organize the initiative with BNY, the new VeriCORE platform will create a digital registry for U.S. consumer loans and asset-backed securities under a single framework.The system is designed to let investors, bankers and other market participants follow transactions from initial launch through trading in the secondary market, addressing blind spots that recent fraud cases brought into focus.
Implications for structured finance oversight
The launch targets a segment of the credit market where documentation and underlying loan data are critical to pricing and risk assessment. By consolidating information in one place, the platform is intended to improve transparency for participants in the asset-backed securities sector.The move also reflects a broader push within structured finance to strengthen operational controls after frauds revealed weaknesses in how routine disclosures can mask risks. For the ABS market, more centralized tracking could support better due diligence and monitoring across the lifecycle of securities.
In our earlier article on CTOS Digital’s cybersecurity incident and its projected financial impact, we noted that the breach could cut profit after tax by RM12 million and revenue by RM16 million if disruptions persisted into late October. We also highlighted that every additional week of service interruption could further pressure results, as the company worked to restore operations and rebuild customer confidence.
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