The U.S. Depository Trust & Clearing Corp. today announced that five global banks will support DTCC’s launch of a new suite of services that will help automate and streamline the processing of syndicated commercial loans.

The banks, whose representatives will serve on the initial advisory committee for the new service known as Loan/SERV, include The Bank of New York Mellon, Barclays Capital, Citi, Deutsche Bank and The Royal Bank of Scotland.

Christopher Childs, vice president DTCC, said, “Automating and streamlining the processes will help agents, as well as borrowers and lenders, track changes in loans and help ensure that all participants are on the same page.”

Global syndicated lending reached US$4.5 trillion in 2007, up 13.4% from 2006 and a 32% increase over 2005, according to industry estimates.

DTCC’s Loan/SERV platform will start with the introduction of two services in 2008. A service that will enable agents to reconcile lender positions on individual loans every day is scheduled to launch in the third quarter of 2008. A second service, scheduled for release in the fourth quarter of 2008, will be an automated, secure communication network through which agent banks can transmit standard loan messages to market participants.

“Loan/SERV will be an evolving suite of services that we’ll develop by consulting closely with the industry and the banks,” said Michael Bodson, executive managing director for DTCC. “In this way, we will be able to plan and develop new services to support the expansion of the syndicated loan market.”