As an In-Force Transaction (IFT), the Broker Identification Number (BIN) automated service facilitates brokerage identification number/brokerage account number changes requested by a distributor.

Overview

As an In-Force Transaction (IFT), the Broker Identification Number (BIN) automated service facilitates brokerage identification number/brokerage account number changes requested by a distributor.

Who Can Use the Service

Distributors including broker/dealers, independent broker/dealers, banks and trusts, as well as insurance carriers can use BIN through IFT and must become members of NSCC – a full-service member or Data-Services-Only (DSO) member. 

Benefits

With BIN through IFT:

• Eliminate manual processing and simplify the procedure for notifying carriers of brokerage identification / brokerage account number changes connected to a particular insurance contract within a firm.
• Enable distributors to better serve their customers. By automating the exchange of information between distributors and carriers, BIN/IFT increases the speed in which changes occur and minimizes inaccuracies.
• Reduce the complexity of maintaining insurance products with a streamlined, paperless process.
• Choose, as a no-cost addition to the service, a web-based, desktop data-entry request and confirmation reporting tool (IFT Access^SM) that allows distributors to enter pre-defined required data or upload a file for broker identification number (BIN) changes.

How the Service Works

The automated nature of the BIN transaction within the IFT process delivers communications efficiently between distributors and insurance carriers. Features include:

• Automated Reporting. BIN provides an automated method of sending, receiving and tracking change instructions. Confirmations on the status of changes are automatically delivered from carriers to distributors.
• Standard Formats. Distributors and carriers can exchange information and process account changes in a more efficient and accurate manner by using standard formats.
• A Safe, Controlled Environment. Distributors and carriers can leverage DTCC's highly reliable and secure network for In-Force Transactions.

For More Information

Please contact Insurance & Retirement Services at 1-888-382-2721, or email us at insurance@dtcc.com.