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Peer2Peer Finance News | June 28, 2017

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Saving Stream confirms IT glitches did not spoil new deal

Saving Stream confirms IT glitches did not spoil new deal
Anna Brunetti

SAVING Stream has confirmed that none of its investors missed out on a major new loan that went live last week, after an IT glitch stopped new deposits showing up on certain accounts.

The property-focused peer-to-peer lender uses a high street bank as a third-party provider to process transactions, but a technical error last Thursday meant that some new money was not being credited into Saving Stream’s client accounts.

This prompted concerns among some customers that they would not be able to invest in the new £7.5m loan – the third-largest facility in the history of the platform. The property-backed offering aims to return 11 per cent per year to investors, with a loan-to-value ratio of 37 per cent.

Read more: Saving Stream updates default and secondary market rules

A spokesperson from the platform told Peer to Peer Finance News that only a portion of investors were affected and that the issue was resolved quickly.

“No Saving Stream users missed out on an opportunity to take part in a loan – which is still available on the platform,” said a spokesperson, confirming that there is still £1.5m of the target amount available to investors as of Wednesday.

Read more: Saving Stream warns of commercial property “funding gap”

“We had a notification from a bank involved in this process that due to an issue with their systems some transactions did not go through and therefore were not included in the data feed on Friday.

“This was largely resolved by the same evening, and fully resolved by Saturday morning. At no point were any investors on our platform at risk of any financial loss.”

He added that the platform had only experienced the same problem – a deluge of transactions hitting the third-party IT system all at once, causing a processing overload – one other time in the four years since its fruition.

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