BNY Mellon 联合私募公司 Snapdocs 推出 ABS 抵押品数字登记平台 VeriCORE，明年上线

A year after a pair of massive frauds exposed hidden risks in otherwise routine financial documents, BNY is rolling out tools to safeguard against blind spots in the roughly $1 trillion asset-backed securities market.

At the center of the effort is a digital registry that will collect data on US consumer loans and asset-backed securities under one roof, according to a statement by the Structured Finance Association, which helped organize the effort with BNY. The platform will let investors, bankers and others track deals from their launch through trading in the secondary market.

“The ABS market needs certainty about who owns an asset and whether that ownership can be proven,” said Kevin Weeks, global head of client coverage and corporate trust at BNY, in the statement.

The New-York based bank is also teaming up with Snapdocs, which specializes in mortgage loan closings, to launch the platform, called VeriCORE, next year. The goal is to reduce reliance on fragmented data and manual reconciliations, and bring more transparency across consumer lending and securitization, the companies said in the statement.

The announcement follows industry-wide calls to action to address systemic blind spots exposed by the collapse of subprime auto lender Tricolor Holdings, and automotive parts manufacturer First Brands Group, last year.

The two cases fixated Wall Street, leading JPMorgan Chase & Co. chief executive officer Jamie Dimon to warn there were probably more than one “cockroach” out there. Bankers and investors in the multibillion market for securitizations began fretting about otherwise mundane details underpinning their investments.

The sudden downfall of Tricolor, in particular, spurred a boom for businesses that verify whether collateral exists and try to make sure it’s not double-pledged, after a small number of people made thousands of delinquent car loans appear current by simply changing figures in Excel.

Around the same time another case involving fake collateral emerged at First Brands. That company also came under fire for orchestrating an alleged multi-billion dollar fraud, exposing lenders to steep losses.

Read More: First Brands Blindsides Wall Street in ‘Black Box’ Loan Fiasco

U.S. consumer and commercial ABS is a sizable market that’s growing fast, across auto, credit card and equipment loans among others, with an estimated outstanding value exceeding US$800 billion as of June 2026, according to data by JPMorgan.

“By bringing together registry infrastructure and digital collateral capabilities, VeriCORE can give market participants stronger tools to verify information that today may be difficult to see in one place,” BNY’s Weeks said.

VeriCORE aims to support auto loans and lease agreements from the outset with plans to expand into the solar and equipment lending space over time. The platform will provide transparency and collateral visibility, helping “prevent and detect fraud,” the companies said.

Such critical infrastructure in the US consumer lending market has been “needed for decades,” Snapdocs CEO Michael Sachdev said.