Lande has paused all exercise on its secondary market after a lot of transactions have been processed erroneously, resulting in incorrect balances and calculations for buyers.
The European agricultural lending platform is now enterprise an IT replace to bolster the secondary market and put together it for future development.
Nonetheless, as a result of complexity of the duty, the entire transactions which have already been affected have to be manually corrected first. This course of is anticipated to take a number of months, throughout which period the Lande secondary market will probably be briefly closed.
“It is a time-consuming course of and we need to give them an opportunity to catch up with out piling on additional handbook work,” mentioned a Lande spokesperson.
“Subsequently, the Lande secondary market will stay disabled till we handle to repair all these transactions and proper buyers’ account balances.
“Primarily based on the present progress of the transaction auditing and fixing course of, we’re assured that this work will probably be accomplished within the first quarter of 2024.”
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Any loans which had been revealed on the secondary market will not be accessible on the market. As an alternative, they may stay on the platform’s main market and function like every other lively mortgage, incomes curiosity as standard.
Lande added that buyers who had loans on the market on the secondary market should not required to take any additional motion at the moment.
Whereas enterprise the secondary market replace, Lande can also be engaged on an end-to-end improve of the monetary core and IT infrastructure of the platform to arrange it for future demand.
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“Whereas a part of our IT workforce is concentrated on fixing secondary market transactions, we’re additionally engaged on totally upgrading our present technical infrastructure, which is at present overloaded, and getting ready for the transfer to the brand new infrastructure by ensuring we’re not leaving something behind,” added the Lande spokesperson.
“The discharge of the brand new monetary core can even enable transactions to renew on the Secondary Market in addition to introduce a number of new back-end functionalities that may improve the platform’s computing energy and enhance its common efficiency.”
As soon as this work has been accomplished, Lande will launch a brand new model of the platform that includes new user-centric options primarily based on the direct suggestions it has acquired from its buyers and farmers.
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