Global Update allows member firms to provide updated account representative and branch change information in a standardized format that affects single and/or multiple customer accounts.

Overview

Global Update allows member firms to provide updated account representative and branch change information in a standardized format that affects single and/or multiple customer accounts. Firms using Global Update can inform funds of these changes in an automated, non-networked environment.

Global Update is accessible via mainframe links, or through DTCC WebDirect, a Web interface that allows participants direct access over the Internet to services provided by DTCC's subsidiaries.

Who Can Use the Service

Any financial organization interested in the service and that meets NSCC qualifications can use the service.

Benefits

• Streamlines the account rep and branch update process.
• Reduces overhead costs associated with manual and paper processing.
• Gives firms a tool to  update information pertaining to many accounts or a single account with one transmission.

How the Service Works

Firm Input - Branch Information:

• Change of address
• New branch
• Closed branch
• Branch number change

Firm Input - Account Rep Information:

• Transfer
• New account rep
• Delete account rep
• Name change
• Account level representative

Output to Funds and Other Firms
Funds receive both global and individual updates each day, Monday through Saturday. The files must be received by 10am, Eastern time. Based on the branch or account representative information received, funds can use the data to globally or individually update their customer accounts accordingly.

For More Information

Please contact Wealth Management Services Marketing at (212) 855-8877.