Setpoint unveils double-pledging prevention certification
Asset-backed finance firm serves more than 250 lenders, originators
Setpoint, a digital infrastructure provider for asset-backed finance, unveiled Setpoint PledgeCheck, a new industry certification designed to prevent double-pledging of collateral, a problem spotlighted by the recent collapses of Tricolor and First Brands.
The certification provides a standardized, technology-driven system so lenders and borrowers can verify that every asset in a collateral pool is unique, accurately reported and pledged to only one counterparty, according to a Setpoint release today.
Backed by Citi and Wells Fargo, Setpoint serves more than 250 lenders and originators, automating asset-level reporting and portfolio verification.
PledgeCheck replaces fragmented, manual verification methods with automated cross-lender checks and issues a real-time certification before funding or report approvals, safeguarding borrower confidentiality while preventing fraud.
The tool aims to rebuild trust in the $5 trillion asset-backed finance market, providing a unified standard to ensure collateral integrity and prevent the kind of misreporting that contributed to recent industry failures, according to the release.
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