In-force Transactions

IFT Access® gives distributors an automated way to enter, share and report data for brokerage identification number (BIN), representative of record (REP), and Broker/Dealer of Record (BDofR) changes with their carrier partners.


IFT Access has recently been enhanced to support and streamline BDofR transactions. Today, distributors can submit their requests through DTCC, eliminating paperwork (as permitted by their carrier partners). Carriers are then able to review, confirm or reject submissions in more real-time. This service is available without an infrastructure build through the ACCESS platform.

 










I&RS’ ACCESS platforms are standalone, web-based data tools that allow users to quickly and efficiently tap the benefits of DTCC’s automated reporting capabilities without a technology or infrastructure build. Currently, ACCESS is available on two other I&RS services:

  • Attachments ACCESS: carriers and distributors can send digital documents, signatures, forms and other types of unstructured data during the pre-sale, new business and post-issue processing of annuity and life transactions.
  • Licensing & Appointments ACCESS: distributors can enter and confirm data for appointment requests and terminations, address changes, producer ID changes and license confirmations.

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, REP or BDofR changes.
  • Use the service with no development or startup costs.
  • Support straight-through processing (STP), giving participants the means to manage BIN, REP and BDofR 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 data from.
  • Receive near real-time status lookups and formatted reports for distributor 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 and Broker/Dealer of Record changes through NSCC, leveraging the current IFT Web Services and the access platform. It also provides a file upload facility for multiple 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.

Who Can Use the Service

IFT Access® is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Click here for information on how to become a member of NSCC.

For More Information

To request additional information, please click here.



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