The Depository Trust & Clearing Corporation (DTCC) announced its ISO 20022 Messaging for Instructions User Guide has been awarded a Regional Merit Award from the Society for Technical Communications (STC) recognizing DTCC for excellence in technical communication. The STC is the world's largest and oldest professional association dedicated to the advancement of the field of technical communication.
DTCC Learning, part of Global Operations and Client Services, authored the Guide using information compiled from documentation and other informational materials developed by DTCC’s Corporate Actions Transformation Product Management team.
“We are honored with this award from the STC,” said Kaliym Islam, Vice President of The DTCC Learning Group. “The move to ISO 20022 messaging represents a major change for the industry. This award is a reflection of DTCC’s hard work and commitment to educating its clients about the new ISO 20022 standard for corporate actions messaging, and providing them with the tools they need to adopt the ISO 20022 standard.”
ISO 20022 provides the financial services industry with a framework for the development of standardized corporate actions messages, further reducing risk and cost in corporate actions processing and moving the industry closer to straight-through processing. ISO 20022 is the foundation of the new data model DTCC is using to support corporate actions processing.
“Educating clients on the new processes such as instructions messaging and the new data model for ISO 20022 represented major undertaking, but it was well worth the effort to ensure our clients fully understand the changes that we are implementing and the steps they need to take to leverage the new platform,” said Daniel Thieke, Managing Director, Settlement and Asset Services at DTCC. “DTCC Learning has been instrumental in helping clients get ready with an assortment of high-quality training materials.”
In June, DTCC will start to retire Participant Terminal System (PTS) functions and comparable PBS functionality for Distribution event types in favor of a new Corporate Actions Web. The
new browser interface is designed for the ISO 20022-based data model. The retirement of associated proprietary CCF files will begin at the end of 2015, giving clients time to program their applications and test the ISO messages.
DTCC Learning Provides ISO 20022 Learning Tools for Clients
Faced with educating DTCC clients on the new Corporate Actions Web and ISO 20022 messaging, the DTCC Corporate Actions Transformation team partnered with DTCC Learning and the result was a comprehensive array of learning tools that included interactive, self-paced online training, simulations, podcasts, webinars and traditional instructor-led training -- as well as reference tools to help clients learn more about DTCC products and services.
“Our main focus with the Corporate Actions Web and ISO 20022 messaging was creating tools that clearly explained the function and flow of the ISO 20022 instruction messages so clients could understand how to integrate them into their applications,” said Kaliym Islam, Vice President of The DTCC Learning Group. DTCC currently processes 500,000 Elective Dividend Service (EDS) instructions entered manually by clients via DTCC’s Participant Terminal System (PTS) and Participant Browser Service (PBS). The automation of this manual process via ISO 20022 messaging provides a significant cost savings to clients and a tremendous reduction in risk to the industry.
DTCC Learning created a “learning path” on its Corporate Actions Transformation Learning Center. The path presents the learning steps clients can take to achieve a level of competency on the new Corporate Actions Web (CA Web), ISO 20022 and the new data model. The center delivers learning tools and resources in different mediums, according to Islam. “We know that preferred styles of learning differ from person to person,” he said.
“Clients can view instructional webcasts and recorded demonstrations, join Q&A sessions and gauge their knowledge by taking a quiz. We will then issue a report card to management at the client firm to let them know how their staff did,” Islam said. “It gives them a picture of their staffs’ understanding of the new system and helps them determine where more training is needed.”
“The DTCC Learning Center has been invaluable in helping us prepare clients for the transition from our proprietary formats to the ISO standard,” said Daniel Thieke, Managing Director, Settlement and Asset Services at DTCC. “In June, we are disabling several PTS functions and corresponding PBS functionality for corporate actions distributions events, and we are working very hard to make sure the more than 400 client firms currently using them are well trained to ensure a smooth transition.”
For more information:
DTCC Corporate Actions Transformation Learning Center
DTCC Corporate Actions Processing