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A group of global banks announced plans for a new technology platform today that aims to improve the new issue process by enhancing connectivity between underwriters.

The new platform, known as DirectBooks, seeks to simplify the primary issuance process with structured data and streamlined communications.

“The new service will increase the efficiency and accuracy of deal workflow information among market participants by disseminating it through a robust communication platform that can be integrated into underwriter and investor systems to better connect underwriters and their clients,” stated a release from DirectBooks LLC.

The platform was developed by a group that includes Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Wells Fargo.

“DirectBooks streamlines the new issuance process by bridging a communications gap between underwriters and investors, allowing for more transparency and improved deal execution,” said John Hines, global head of high grade debt syndicate for Wells Fargo corporate & investment banking.

“This initiative represents an important step towards eliminating manual tasks, digitalizing interactions with investors and making the new issue process significantly more efficient,” added Fred Zorzi, global head of primary markets at BNP Paribas.