Markit starts transmitting credit agreement notices electronically

By Sara Rosenberg

New York, May 11 - Markit announced on Friday that its loan messaging hub is now receiving notices under syndicated credit agreements via Financial products Markup Language (FpML), an electronic data exchange for the financial industry.

Information transmitted using FpML includes interest payments, paydowns, rollovers of interest rates and rate-sets.

Citigroup and JPMorgan Chase Bank are the first administrative agent banks to implement a system to deliver loan notices using FpML, the release said.

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