Intralinks Inc., a provider of an electronic system for loan syndications, has added a service to help banks manage loans throughout their terms.
IntraAgency lets agent banks monitor loan activity and keep investors and other interested parties abreast of account information. BankAmerica Robertson Stephens is the first lender to use the system in a pilot program.
New York-based Intralinks last year introduced Intraloan, an electronic syndication system. It has been used to syndicate $35 billion worth of loans.
In October, BankAmerica Robertson Stephens used Intraloan to syndicate a $73 million loan for Morgan Hill, Calif.-based Global Motorsport Group Inc., and is using IntraAgency to manage the loan.
The system is saving BankAmerica time and money involved in distributing information on loans, said Gary Flieger, vice president of agency management at the bank.
It also has "direct benefits with respect to risk management," Mr. Flieger said.
"Obviously, communication is an essential component of what we do, and anytime that we can expedite that dissemination and monitor that the information has been received, it certainly improves our ability to provide good service," he added.