SMART/Track acts as a “post office” for agency lending disclosure, transmitting open loan data files between agent lenders and borrowers. Agent lenders and borrowers can connect to SMART/Track for Agency Lending Disclosure directly or via a vendor relationship. Non-members must connect directly to SMART/Track.
Agent lenders and borrowers using the same vendor technology platform – currently, SunGard or EquiLend – transmit information directly from one to another across the vendor’s platform. SMART/Track serves as a communications hub providing interoperability between counterparties for lenders and borrowers that are on different vendor platforms or are connecting directly to SMART/Track by routing the files to the appropriate counterparty.
SMART/Track reviews the header and trailer information on the files to ensure it can successfully deliver the files to the designated counterparty and to verify that the file contains the number of records indicated. Because it lacks the ability to read the data records contained in the files, SMART/Track does not edit or validate the file data.
Agent lenders, borrowers or vendors can send files via DTC’s standard file transfer capabilities – Connect: Direct (formerly Network Data Mover or NDM) or File Transfer Protocol (FTP). Those agent lenders and borrowers that do not have connectivity to DTC can send files via the Internet using FTP.
SMART/Track creates a participant eligibility file every evening. Participants can retrieve this file to see which firms are eligible for the service. SMART/Track rejects agency lending files to counterparties that do not subscribe to SMART/Track for Agency Lending Disclosure.
Transmitting files directly to SMART/Track
To send loan files directly to SMART/Track, participants must establish connectivity to DTC if they do not already connect for other products and services. Connectivity is established through DTCC’s Participant Interface Planning group at [email protected].
Transmitting files through a vendor
Participants using a vendor must provide DTC with a third-party authorization letter so that DTC can set up the participant in SMART/Track with the appropriate vendor relationship.