Josephine Torelli, DTCC Vice President, WMS and members of the Omnibus Invoicing Task Force discuss mutual fund industry challenges as they relate to processing of invoices and the move toward automating current manual approaches. To view the video of this discussion, visit the DTCC aXis web page
The Depository Trust & Clearing Corporation (DTCC) announced new enhancements to its DTCC Payment aXis® service which now automates the invoicing and settlement of third party negotiated fees including Sub-Accounting, Retirement / Bank Trust and Service Fees.
DTCC Payment aXis, offered by DTCC’s Wealth Management Services (WMS) business through National Securities Clearing Corporation (NSCC), a DTCC subsidiary, automates the transmission of invoices involved in retirement plan and broker-controlled accounts for fund companies, broker/dealers and other intermediaries that are member firms of NSCC. It also streamlines the net settlement of fees, consolidating payments to speed this process while reducing cost and virtually eliminating manual effort.
The enhancements are part of a phased initiative in which DTCC is collaborating with the Omnibus Invoicing Task Force, made up of representatives from DTCC and members of the Investment Company Institute (ICI) Bank, Trust and Retirement Advisory Committee and the ICI Broker-Dealer Advisory Committee. The Task Force focuses on automating manual, costly and risk-prone payment processes for the mutual funds industry.
Josephine Torelli, DTCC Vice President, WMS sat down with two members of the Omnibus Invoicing Task Force to discuss mutual fund industry challenges as they relate to processing of invoices and the move toward automating current manual approaches. To view the video of this discussion, visit the DTCC aXis web page.
Press release: DTCC Automates Additional Fee Payments for Mutual Funds and Intermediaries Through DTCC Payment aXis® Service