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ORSNN, a fintech startup specializing in end-to-end solutions for managing and trading portfolios, launched a private beta platform that provides financial institutions with "a low-cost, transparent and automated loan-trading system," according to a press release.
The platform is powered by machine learning and cloud technology. The trading platform is available for residential mortgage, consumer automobile, commercial real estate and member business loans, according to the release.
According to ORSNN there are three functionalities that the platform features which include rich analytics, double-sided marketplace and automated diligence. The company states that financial institutions can upload their loan portfolios, break them down by using a number of different criteria and perform analytics.
"ORSNN's automated marketplace replaces the traditional broker role, enabling financial institutions to browse or post anonymous offerings, connect with counterparties to transact, and execute streamlined deal flow and communications on the platform," according to the report.
"Unlike the equities and Treasurys markets, trading loans is a clunky, old-fashioned business," said Sean Banerjee CEO and co-founder of ORSNN. "By utilizing cloud computing and machine learning, the ORSNN team realized the technology exists to digitally transform this trillion-dollar loan market."