The Depository Trust Company (DTC), the subsidiary of DTCC has connected its claims service to the claims processing platform offered by US-based fintech Kingfield Corporation.
The mandate is part of a wider effort to streamline DTCC’s corporate actions claims process.
By utilising the Kingfield platform, DTCC’s mutual clients will be able to to manage claims as well as other types of exceptions from submission through to settlement.
The connectivity will allow firms to automatically match claims before sending them to DTC for straight-through-processing and intraday settlement via securities payment orders.
DTC’s ClaimConnect service, established in October 2020, provides automated cash claim processing, excluding the need for fax machines, emails, and phone calls.
ClaimConnect can also be accessed on DTCC’s API Marketplace, an online app store that allows direct programmatic access to DTCC processing functionality.
Commenting on the partnership, Ann Marie Brian, executive director of asset services business management at DTCC, says: “Instead of a firm waiting a few weeks or even months to close corporate actions claims, ClaimConnect validates, matches, settles, and closes claims in a matter of minutes.
“Based on our discussions with the industry, we knew there was a need for a more efficient, automated, and flexible process, and we thank Kingfield, State Street, and other market participants and stakeholders for helping us to transform this process.”
Craig Welch, CEO at Kingfield, comments: “Kingfield has been working with top-tier global financial firms to build a state-of-the-art claims case management network. We thank DTCC for their partnership and commitment to simplifying corporate actions claim processing.”
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