Ebix has launched its Exchange platform to support an array of in-force transaction (IFT) capabilities offered by The Depository Trust & Clearing Corporation's (DTCC's) insurance & retirement services.
The support of DTCC's IFT capabilities is being implemented through EbixExchange, which provides a front-end exchange to support post-trade transaction processing within the DTCC IFT service.
IFT is a service offering of National Securities Clearing Corporation, a DTCC subsidiary.
The platform allows the agent/broker to perform withdrawals, asset rebalancing, funds transfer, and support for other financial transactions across participating carriers through DTCC and all on a single system.
EbixExchange, in conjunction with DTCC's IFT, will give insurance carriers and distributors access to a broader set of post-trade transactions via an upgrade to DTCC's web-based service.
With the upgrades to IFT and leveraging EbixExchange, users can now manage and submit financial transactions to support active contracts.
EbixExchange now supports: withdrawal requests for one time payments disbursement; financial arrangement requests for scheduling systematic withdrawal payments, asset rebalancing and other arrangement types; values Inquiry for requesting and responding with current account valuation; and fund transfer for requesting asset rebalancing.
"These enhancements further automate and streamline in force annuity contract processing, providing a faster and more efficient service to users," said Randi Gordon, vice president of DTCC Insurance and Retirement Services Department.
"Clients will be able to decrease operating costs, support straight-through processing, standardise the method of data entry, reporting and electronic communication and increase end-customer satisfaction."
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