The Depository Trust and Clearing Corporation’s (DTCC) insurance and retirement services has launched a producer authorisation (PAR) service.
The service offers a standardised method for insurance vendors and distributors to communicate with carriers in order to verify producers' authorisation.
PAR deploys simultaneous messages that allows distributors and vendors to ping carriers instantly to certify producer credentials, streamlining processes, and increasing operational efficiencies.
Justin Schwartz, executive director for product management for wealth management services at DTCC, comments: “There was an industry need for a unified service that provides real-time producer data, and we are pleased to now offer PAR. In the development of the offering, we focused on building out a standardised ‘can sell’ API message platform that improves client and advisor experience by providing increased confidence in authorised producers.”
