DTCC introduces new service to simplify corporate actions claim processing
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DTCC introduces new service to simplify corporate actions claim processing 06 October 2020New York Reporter: Maddie Saghir
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DTCC’s subsidiary the Depository Trust Corporation (DTC) has filed a proposal with the US Securities and Exchange Commission (SEC) to launch a new platform that will help automate and simplify the corporate actions claim processing.
With the new ClaimConnect service, DTCC said it seeks to address limitations in corporate actions processing related to untracked cash claims.
The new service will provide clients with near real-time claim validation and matching, email alerts and the ability to pinpoint data leveraging intuitive search functionality.
In addition, clients will be able to post claims verses their counterparty with the ability to track those claims through to settlement.
Ann Marie Bria, executive director, corporate actions business management at DTCC, said: “We’re continuously meeting with our clients to learn more about their evolving internal processes and challenges in order to identify ways we can deliver new and improved services to meet their needs.”
“Centralising claim processing through ClaimConnect will enable clients to seamlessly manage the entire lifecycle of a claim while reducing risks,” she said.
ClaimConnect, which will launch following SEC approval, will be one of the first services available on DTCC’s new application programming interface marketplace.
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