Alternative Investment Product (AIP) services reached new milestones in 2024, resulting in ongoing platform enhancements that promise to be a gamechanger for clients. DTCC announced plans to release several impactful new features to its AIP Web Platform, including Account Registration and Maintenance Records, both aimed at improving efficiency and providing real-time data.
“The Account Registration and Maintenance Record enhancements will enable our clients to optimize their alternative investments processing,” said Michelle McLean, DTCC Director of Product Management, AIP. “We are very excited about this new enhancement release, especially since it does not require our clients to do any programming to implement.”
Account Uploads
Account Registration information instructs the Fund on how the Firm wishes to establish an account. With this enhancement, AIP supports the ability for firms to do a bulk upload of their Account Registration and Account Maintenance Records via the AIP Web Platform, AIP’s sophisticated and modern user interface.
Previously, clients would be required to use a more cumbersome, linear process to submit an Account Registration record, informing Fund companies that each investor’s account would need to be established and any issue with the account would not be realized until after the next output cycle ran.
“This efficiency saves clients a lot of time, ensures accounts are processed faster and reduces the risks of error in repetitive manual entry efforts,” said McLean.
Maintenance Records
The Maintenance Record is used to make changes to an existing Account Registration. Once the Maintenance Record is received by the Fund, they can make the appropriate change to their system.
The AIP Web Platform’s latest enhancements to the Maintenance Record provides greater efficiency by displaying the number of records that were ‘accepted’ vs. ‘rejected’ directly on-screen. This enables users to easily identify if the entire file will process successfully or the cause of any rejected records, so they can quickly correct and re-upload them for processing.
Information in Real-Time
Furthermore, these latest enhancements to the AIP Web Platform now support real-time processing of Account Registration and Maintenance Records, allowing Funds to log onto the platform for immediate viewing and acknowledgement of their data instead of waiting for the next available AIP cycle to receive their output files. These changes provide an efficient access method that allows for faster processing, reject resolutions and on-demand data access.
“We appreciate the insightful feedback we obtain from client industry groups,” said Justin Schwartz, DTCC Executive Director, Product Management for Wealth Management Services. “Their collaboration and suggestions for platform improvements help us develop these kinds of innovative solutions that we deliver to the alternative investment marketplace.”
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