Lande pauses secondary market transactions
Lande has paused all activity on its secondary market after a large number of transactions were processed erroneously, leading to incorrect balances and calculations for investors.
The European agricultural lending platform is now undertaking an IT update to bolster the secondary market and prepare it for future growth.
However, due to the complexity of the task, all of the transactions that have already been affected must be manually corrected first. This process is expected to take several months, during which time the Lande secondary market will be temporarily closed.
“This is a time-consuming process and we want to give them a chance to catch up without piling on further manual work,” said a Lande spokesperson.
“Therefore, the Lande secondary market will remain disabled until we manage to fix all these transactions and correct investors’ account balances.
“Based on the current progress of the transaction auditing and fixing process, we are confident that this work will be completed in the first quarter of 2024.”
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Any loans which had been published on the secondary market will no longer be available for sale. Instead, they will remain on the platform’s primary market and operate like any other active loan, earning interest as usual.
Lande added that investors who had loans for sale on the secondary market are not required to take any further action at this time.
While undertaking the secondary market update, Lande is also working on an end-to-end upgrade of the financial core and IT infrastructure of the platform to prepare it for future demand.
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“While part of our IT team is focused on fixing secondary market transactions, we’re also working on fully upgrading our existing technical infrastructure, which is currently overloaded, and preparing for the move to the new infrastructure by making sure we’re not leaving anything behind,” added the Lande spokesperson.
“The release of the new financial core will also allow transactions to resume on the Secondary Market as well as introduce several new back-end functionalities that will enhance the platform’s computing power and improve its general performance.”
Once this work has been completed, Lande will launch a new version of the platform featuring new user-centric features based on the direct feedback it has received from its investors and farmers.
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