|By Business Wire||
|February 11, 2013 01:13 PM EST||
The Depository Trust & Clearing Corporation (DTCC) today introduced added capabilities to DTCC Payment aXis, an efficient, streamlined service for fund companies and intermediaries to accurately and safely transmit commission and various fee data and payments among National Securities Clearing Corporation (NSCC) member firms.
DTCC Payment aXis is a next generation version of the company’s former Mutual Fund Commission Settlement service. New features of the service capitalize on the benefits of standardization and automation by supporting transmission of omnibus fee data through a centralized platform.
“The new capabilities afforded by DTCC Payment aXis reflect our dedication to meeting industry demands and providing automation, standardization and centralization to the market,” said Josephine Torelli, Vice President, Wealth Management Services. “With our delivery of this service, market participants have access to more robust data and information.”
In response to current industry trends and demands, DTCC Payment aXis now supports commission and fee payments for omnibus account as well as Contingent Deferred Sales Charge payouts, 12b-1 fees and numerous other fee types.
Mutual Fund Commission Settlement service was introduced in 1992 and, since inception, has helped eliminate the manual, time-intensive and costly process of exchanging fee information via fax, mail and email. In addition to the expedited distribution and settlement of commissions and various fees, NSCC members will gain added features and benefits like unrivaled automation of omnibus invoicing and settlement between funds and firms – as an extension of this tried and tested service.
DTCC Payment aXis also reduces costs and risks incurred during traditional, manual processing procedures. The service is accessible via mainframe over DTCC’s SMART connection. Settlement will occur through NSCC’s net settlement system.
More information about DTCC Payment aXis can be found here.
Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.
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