Technology

Tranquilmoney's patent-pending Cortex software is implemented as a .NET programmable Web service to enable real-time collaboration between the various players in a structured finance deal. At the heart of Cortex is DoubleHelix™, a programming language designed specifically to be able to describe the details of loans, pools, tranche structures, and cash flow. DoubleHelix has been accepted and published by xml.org and uddi.microsoft.com as the first and only W3C-compatbile XML extension for the structured finance community. Cortex provides a DoubleHelix shell and code repository to enable sophisticated users to quickly structure new deals by reusing and modifying details of previous structures already used earlier. At the same time, a user interface is also provided for users unfamiliar with the language, and to be able to graphically view structured asset pools and deals.

In a distributed installation, multiple Cortex or Cortex-compatible software systems can communicate with each other so that servicing may be at one location, while pooling and structuring at another location, issuance managed at a third server, deal management at a fourth location, and with agency ratings and investors viewing reports at multiple locations. Each Cortex server installation can be configured to have a SOAP listener that waits for incoming XML requests that conform to the published DoubleHelix specifications and will return the requested information after authenticating that the request has the proper security access rights. Since it is published as a UDDI-compliant service, the details of DoubleHelix can be located and downloaded using any standard UDDI directory search such as that on the proposed Internet Explorer for Windows XP. The language approach combined with open publishing of the protocols provides an open system, and one that is flexible enough to handle any asset, and contractual cash flow rules, and any complexity of tranche structure, with automatically generated and deploy code that will manage the deal and provide real time servicing, trustee, compliance, and analytics information to all the parties in a deal.