The leading capital markets infrastructure platform introduces a certification to verify collateral integrity across lenders and borrowers.
In the wake of the high-profile collapses of Tricolor and First Brands, Setpoint, the leading digital infrastructure provider for asset-backed finance, today launched Setpoint PledgeCheck, a new market standard for programmatically verifying that every asset in a collateral pool is unique and legitimately pledged to a single counterparty.
Setpoint is backed by Citi and Wells Fargo and over 250 lenders and originators already trust Setpoint to standardize asset-level data, automate reports, and maintain an audit-ready view of portfolio performance. The new certification extends that trusted infrastructure to the broader market, giving lenders, borrowers, issuers and investors a shared, independently verifiable standard for collateral integrity.
“As the market calls for greater transparency, Setpoint PledgeCheck allows us to lead by example,” said Braham Mehta, Head of Capital Markets at Fundbox. “We’ve already been using Setpoint to give our lenders independent proof of every asset we finance and this sets a new bar for accountability in private credit.”
“The fragmented web of trustees, custodians, backup servicers, and self-reported borrower data isn’t equipped to detect fraud and mistakes in today’s ABF market,” said Stuart Wall, CEO and Co-founder of Setpoint. “That’s what Setpoint delivers: verified asset data, including PledgeCheck.”
The Tricolor and First Brands failures underscored a long-standing blind spot in the $5 trillion asset-backed finance market: the absence of a shared system to confirm that pledged collateral is unique. Most lenders still depend on borrower attestations and manual spot checks, controls that tend to surface errors or fraud only after losses occur.
Setpoint’s certification replaces those fragmented manual processes with a technology-driven protocol. Borrowers upload their master data tapes and facility-level reports for each lender. Setpoint’s platform automatically runs cross-lender checks to confirm:
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