IFT Access^SM is a non-integrated / standalone, online data-entry request and confirmation reporting tool that allows distributors to enter pre-defined required data or upload a file for broker identification number (BIN) changes and representative of record (REP) changes.

Overview

IFT Access^SM is a non-integrated / standalone, online data-entry request and confirmation reporting tool that allows distributors to enter pre-defined required data or upload a file for broker identification number (BIN) changes and representative of record (REP) changes. This service will include formatted reports for transaction confirmations.

Who Can Use the Service

Participating Insurance & Retirement Services In-Force Transaction (IFT) broker/dealers who are seeking to leverage a web-based front end to electronically communicate with their insurance carrier trading partner(s). Participants must meet NSCC membership requirements. Special Data-Services-Only memberships are also available.

Benefits

With IFT Access, participants can:

• Decrease operating costs by reducing redundant manual processes and eliminating paperwork, faxes and overnight mail.
• Reduce the time required to complete a BIN or REP change.
• Use the service with no development or startup costs.
• Support straight-through processing (STP), giving participants the means to manage BIN and REP changes from start to finish without completing any paperwork, email or faxes.
• Standardize method of data entry, reporting and electronic communication.
• Secure confidential data through DTCC’s Securely Managed and Reliable Technology (SMART) network, which provides centralized, end-to-end managed communications for all post-trade clearance and settlement processing.
• Manage IFT Access trading relationships by allowing participating carriers to actively organize who they receive BIN and REP data from.
• Receive reports for broker/dealer activity and carrier status as delimited files for reconciliation and record keeping.

How the Service Works

Using an Internet connection, participating distributors can send and receive BIN and REP changes through NSCC. It also provides a file upload facility for multiple BIN and REP transactions. Participating distributors and carriers will have access to their full-service BIN and REP data through Excel compatible files available via the DTCC WebDirect platform.

For More Information

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