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DTCC Announces Profile Training Video Along With 2019 Fee Reduction

By DTCC Connection Staff | January 24, 2019

DTCC Announces Profile Training Video Along With 2019 Fee Reduction

DTCC has recently launched the first in a series of learning videos developed to assist clients in setting up and maintaining fund information in Mutual Fund Security II-Profile Security Database (“MFPS – Profile Security”). Available on DTCC Learning, this new video provides a comprehensive walk-through for new clients to establish fund data for the first time. Future videos are planned in 2019 to guide clients through the functions and features of Profile.

“We believe MFPS – Profile Security is one of the most intuitive interfaces developed,” said Sharon Wilner, DTCC Director, Mutual Fund Services. “The new video aptly demonstrates how intuitive, easy and user-friendly this system really is.”

MFPS – Profile Security allows funds, broker/dealers and other distribution firms to automate and streamline the exchange of information regarding securities, fund prospectus, operational rules, participants and distribution information. MFPS – Profile Security leverages cutting-edge Artificial Intelligence (AI) technology to enable the Security Issue Database to capture, analyze and distribute critical data in a smarter and faster way, resulting in a lower cost to our clients.

Transforming Communications for the Mutual Fund Industry

In late 2018 DTCC launched MF Info Xchange, its new real-time, centralized communications service for the mutual fund industry. As the first communications center of its kind from DTCC’s Wealth Management Services, MF Info Xchange facilitates and centralizes the delivery and receipt of time-critical notifications on a single platform.

Before MF Info Xchange, corporate actions, service disruptions and other alerts that typically require a broad communication from funds to their intermediary partners would have to be exchanged via fax, email or phone calls – a manual and time-consuming process prone to errors.

With MF Info Xchange, users will have the ability to send notifications of certain corporate actions and DTCC anticipates expanding the types of notifications that can be sent using MF Info Xchange, based on client collaboration. Learn more about MF Info Xchange:

Fee Reduction for MFPS

In November, DTCC announced a reduction in fees for MFPS – Profile Security, from $2,000 to $1,250 monthly. DTCC also introduced a significant 70% discount in the fees for small funds, from $850 to $250, so funds with 25 or fewer securities can also participate equally in the benefits of the MFPS – Profile Security service – creating expansion opportunities for even more asset managers to join the service. The fee reductions became effective January 1, 2019.

“Profile is beneficial to both large and smaller clients,” said Josephine Torelli, DTCC Executive Director, Mutual Fund Services. “With cognitive technology, data mining and artificial intelligence, all clients can significantly reduce the time it takes to process information from prospectuses and other documents. We are excited that leveraging new technology has introduced additional efficiencies, which has allowed us to lower fees for our clients.”