DTCC unveils ClaimConnect to automate corporate actions claim processing
By Pavithra R
New York-headquartered Depository Trust & Clearing Corporation (DTCC), a premier post-trade market infrastructure for the global financial services industry has announced that its Depository Trust Corporation (DTC) subsidiary has filed with the U.S. Securities and Exchange Commission (SEC) a proposal to launch ClaimConnect, a new DTC service that will centralize and automate cash claim processing across the entire lifecycle of a corporate action claim.
DTCC has been working with the industry to refresh its technology and to further enhance Corporate Actions processes in order to eliminate manual processes and reduce risk and errors from claim submission to closure. The company, through its new ClaimConnect service, is looking to address limitations in Corporate Actions processing related to untracked cash claims. These claims are typically processed manually by large operations teams leveraging fax, email and phone calls.
Clients can leverage ClaimConnect to benefit from near real-time claim validation and matching, email alerts and the ability to pinpoint data leveraging intuitive search functionality. Clients will be able to post claims verses their counterparty with the ability to track those claims through to settlement. Both sides of the claim will have access to email notifications, alerting them of claim statuses and reporting to communicate progress, simplifying decision making.
“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. Centralizing claim processing through ClaimConnect will enable clients to seamlessly manage the entire lifecycle of a claim while reducing risks,” said Ann Marie Bria, Executive Director, Corporate Actions Business Management at DTCC.
Established since 1973, DTCC is an American post-trade financial services company providing clearing and settlement services to the financial markets. The company through its subsidiaries automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for broker/dealers, custodian banks and asset managers.
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