THE DIGITAL FRAMEWORK FOR PRIVATE CREDIT
/phase1
FROM DOCUMENTS to DIGITAL DATA
The N21 Framework powers the digitization of analogue private credit transactions using the NEL Protocol, enabling immediate access to harmonized data and transforming workflow efficiencies across the private markets.
DIGITIZE
The NEL Protocol for Digital Credit Instruments
DISTRIBUTE
Authoritative Golden Source Data and APIs Deliver Data for Internal Credit Processes and Market System Integrations
/phase2
USAGE and OPERATIONAL TRANSFORMATION
Harmonized golden source data and advanced digital tools empower human, algorithmic, and AI process flows. NEL instruments are designed to be responsive in realtime to external data flows, publishing lifecycle events for consumption by internal and market systems.
INTERFACE + INTEGRATE
Portfolio Analytics and APIs for Generating Knowledge and Insights    
QUERY + AUTOMATE
Computable Financial Constructs, Lifecycle Data Packets
/phase3
NEW DIGITAL ECOSYSTEMS
N21 provides future-facing tools, knowledge graphs, and infrastructure to power the innovation shaping tomorrow’s markets. We collaborate with our customers on asset tokenization, public and private blockchains, autonomous smart contracts, and emerging classes of AI agents.
AI AGENTS
N21 Cognitive Modules Power Expert LLM Agent Behavior
RAG Data Agent
Knowledge Graph Modules
Reference Chat Agent
TOKENIZATION
Onchain Representations of Computable Financial Constructs
Value
Fractional Ownership
Rights
Derivatives
Synthetics
The NEL Protocol for Digital Credit Instruments
TRANSFORMS LANGUAGE INTO COMPUTABLE FINANCIAL CONSTRUCTS
Powered by a comprehensive knowledge graph of credit instruments and library of finance language Metapatterns, the N21 FLP Engine ingests transaction documents at scale, creating harmonized authoritative golden source data.
UNLOCK EFFICIENCIES and INNOVATION
Transform internal systems and workflows
Sharing a common knowledge model and data protocol for credit constructs enables seamless cross-functional coordination, workflow process design, and AI integrations. N21 Data Modules can programmatically update other systems, such as asset booking.
NEW DIGITAL OPERATING MODELS
N21 Integrates with a growing number of the largest market platforms
The NEL Protocol creates the foundation layer for digitized API-driven operations across organizational boundaries. Your data becomes interoperable with other market systems, and embeddable UI modules enable our market partners to quickly integrate powerful new capabilities.
Tools for Human and AI Processes
Your harmonized portfolio becomes an interactive source of information and knowledge. Powerful parameter-based filtering tools connect to your N21 golden source data, and our primary Transaction Grid interface offers a familiar spreadsheet presentation.

N21 Public is our proprietary harmonized dataset of credit instruments, programmatically identified and exported from public filings into N21 databases. This public data set of credit agreements can be integrated across client's private portfolios enabling unique comparative and market insights.
Synthesized data views provide distilled answers for your most commonly asked questions about a transaction, without the need for manual expert review. From Key Provisions to Credit Spread Adjustments and Events of Default, N21 automatically creates essential analytics and reports.
Our language navigator tools provide in-context access to the golden source relevant provisions, enabling direct validation and verification – and creating dramatic efficiency improvements in human and AI document navigation and review processes.
THE REALTIME CREDIT INSTRUMENT
Creating Expert AI Agents for Private Credit
Plug-And-Play Specialized Knowledge Modules
Generalist LLMs are not experts in private credit data constructs – they are models trained on general information on the internet. There is of course value in these models but enabling that value requires a technical strategy on creating domain-specific agents with domain specific vocabulary, skills, knowledge and reasoning.
SEMANTICS: NEL ONTOLOGY
The NEL Ontology is a comprehensive knowledge graph of credit constructs and their relationships.
SYNTAX: LANGUAGE METAPATTERNS
N21 Metapatterns encode senior-level human knowledge of finance language and usage patterns, with the ability to dynamically adapt to previously unseen syntax.
NORMALIZED MEMORY: VECTOR + GRAPH STORAGE
The N21 Data Lake offers a hybrid storage model with normalized data fields across your entire portfolio. Your RAG efforts can be immediately powered by harmonized data and semantic vector embeddings tied to the foundation knowledge graph and source language.
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For this example, the portfolio in the chat has been constrained to Jan-July 2024 of the over 9000 transactions in the N21 Public Dataset.

Production usage scenarios retrieve from private portfolio data, with N21 Public data available for integration.
The Next Financial Renaissance
Computable, Composable Representations Of Assets And Business Logic
Glossary
Digital Credit Instrument
N21 Data Modules (NDMs)
N21 Embed Modules (NEMs)
N21 Feature Formulas (NF2)
N21 Metapatterns
Nammu Knowledge Model (NKM)
NEL Protocol
Digital Credit Instrument
A Digital Credit Instrument (DCI) is a software- and data-driven representation of a term loan or other type of credit facility. A DCI may be a smart contract (such as those written in Solidity for the Ethereum ecosystem), or a more traditional enterprise application with similar features. NEL-based DCIs offer computable and composable modules for private credit constructs such as Events of Default, Leverage Ratio logic, and Notification protocols. They can operate as either API-driven services or as an integral part of smart contracts and on chain transactions.
N21 Data Modules (NDMs)
An NDM is a data flow connector for two different applications and/or data repositories inthe credit ecosystem. They are NEL protocol bidirectional translators, transforming private credit data as necessary in realtime between two different schemas to achieve a variety of goals. In the diagrams on this site, they are used to show data flows into and out of DCIs and the implied N21 Data Lake. The should be read as also containing embedded roles, identity, rights, and permissions infrastructure to ensure that data is filtered appropriately.
N21 Embed Modules (NEMs)
Modules of certain N21 interfaces available for embedding into other web applications.These include spreadsheet-like transaction grids, data views with navigation tools, and proprietary interfaces for analyzing source language across both individual credit instruments and portfolios.
N21 Feature Formulas (NF2)
Formulas of encoded business logic of the rights, requirements and obligations from a credit instrument. Interconnected formula modules interact (via API or smart contracts)with internal and/or external systems to enable the programmatic processing of private credit transaction lifecycle events. Examples include the programmatic delivery and acceptance of notices, certifications or calculations. Structurally, they are themselves uniquely identified tokens.
N21 Metapatterns
The complexity of contractual finance language and its structural resistance to machine learning and LLM understanding has been one of the primary obstacles to digital transformation. N21 Metapatterns distill and encode senior-level human language and document expertise, enabling the accurate classification of language-based financial constructs and mapping of inter- and intra- document relationships of risks, rights and obligations.
Nammu Knowledge Model (NKMs)
A graph (network) based representation of domain expertise, in the form of semantically meaningful nodes and relationships. The Foundation Credit NKM powers multiple parts of our platform and is utilized as the primary schema for NEL protocol communication
NEL Protocol
The NEL Protocol for Digital Credit Instruments consists of: 
  1. A foundation knowledge graph-based ontology of private credit constructs,
  2. A graph-based data schema for the representation of digital credit instruments,
  3. A GraphQL data protocol for interacting with your N21 data lake, and
  4. A structured recommended phased implementation process model to guide organizational transformation.
NEL’s knowledge graph protocol is also in use in our RAG framework, operating as structured memory for the context window.
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