Sumitomo Mitsui Trust Bank adopts DTCC Alert 23 July 2018Tokyo Reporter: Maddie Saghir
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Sumitomo Mitsui Trust Bank (Sumi Trust US) has adopted the Depository Trust and Clearing Corporation's (DTCC) Alert.
Sumi Trust USA has become the first Japanese global custodian to go live on the Alert Global Custodian Direct (GC Direct) workflow.
This will enable Sumi Trust US to maintain and provide standing settlement instruction (SSI) data to its clients through Alert.
According to DTCC, Alert is the industry’s largest and most compliant online global database for the maintenance and communication of account information and SSIs.
Douglas Shivers, head of global custody administration, at Sumi Trust US, said: “Sumi Trust US is enthusiastic about being the first Japanese global custodian utilising GC Direct."
“We pride ourselves on client focus and strive for ways to help our clients improve their operational efficiency while reducing risk.”
He added: “By introducing GC Direct, Sumi Trust US is pleased to enhance both the information-provision and services that contribute to our clients' investment activities and operations.”
Bill Meenaghan, executive director of DTCC Alert, commented: “We are very happy to have Sumi Trust US live on Alert GC Direct. “
Meenaghan continued: “We've had much success with other global custodians in the past few years in enabling greater control in the settlement process, increasing data quality and staying aligned with best practices. We look forward to delivering the same benefits to Sumi Trust USA."
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