"Why transparency must define the next era of private credit."
Jamie Dimon, CEO of JPMorgan Chase, said on the bank's Q3 earnings call,
"When you see one cockroach, there are probably more,"
Following JPMorgan's $170 million charge-off tied to Tricolor, Dimon's metaphor cut through the noise: where transparency is lacking, risks multiply. His warning wasn't just about one borrower. It was about a system that's grown enormous in scale, but still operates with outdated visibility into the assets and collateral beneath the surface.
The Cockroach Problem: Opaque Collateral and Legacy Verification
Private credit has exploded into a $2 trillion market — but its operational foundations often rely on trust and fragmented data. JPMorgan CFO Jeremy Barnum pointed out that even secured or structured lending can go wrong "if there are problems with the collateral."
That's the quiet truth few want to say aloud: many firms still rely on sampling for verification and manual processes for monitoring. These gaps create darkness — the perfect breeding ground for the financial equivalent of cockroaches.
As Dimon admitted, "We scour all processes, all procedures, all underwriting… but when you see one cockroach, there are probably more."
When the world's most sophisticated bank acknowledges that blind spots remain, it's a signal that the rest of the industry needs to act.
The Antidote: Radical Transparency, Continuous Verification
This is where Vaas comes in — the tech infrastructure for private credit markets.
Vaas replaces outdated sampling methods with continuous, AI-driven verification that delivers full visibility into the underlying assets and cash flows of structured credit.
Our platform can serve as a Master Servicer, Verification Agent, or technology enabler, offering capabilities such as:
• Document Verification at Scale: Automatically validate every document and data point, across asset types.
• Collateral Reconciliation & Monitoring: Detect discrepancies between reported and actual collateral in real time.
• Automated Workflow Operations: Streamline middle- and back-office processes with transparent, exception-based automation.
• Payment Recognition & Data Normalization: Turn fragmented borrower data into a single, auditable source of truth.
The result? Operational efficiency, risk reduction, and stronger trust between lenders and borrowers – which ultimately leads to advanced liquidity for the entire market.
Vaas clients already report a 70% reduction in time spent on ops and nearly $900 million in capital unlocked.
From Detection to Prevention
Dimon's "cockroach" analogy is apt: detecting one problem often means many are still hiding. Vaas' mission is to make hiding impossible.
By continuously verifying every loan, payment, and collateral item — not just a statistical sample — lenders can finally shine a light into every corner of their portfolios. Fraud becomes harder to conceal, and confidence in asset quality becomes quantifiable.
Private credit doesn't need more opacity. It needs pest control.
The Future of Private Credit Is Transparent
The next chapter of private credit will be defined by transparency and data integrity. Lenders, investors, and regulators are all calling for it. The question is how to get there.
At Vaas, we believe the answer is infrastructure — built for scale, automation, and auditability from day one.
Because in today's market, you can't afford to hope there aren't more cockroaches. You need to know.
Your Private Credit Pest Control Solution Is Here.
Illuminate your portfolios.
Verify continuously.
Eliminate uncertainty.
👉 Get in touch at getvaas.com to see how Vaas can help you bring transparency back to your private credit operations.
