New York/London/Hong Kong/Singapore/Sydney, July 27, 2022 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced its subsidiary, The Depository Trust Company (DTC), has connected its automated ClaimConnect solution to the claims processing platform offered by leading financial software provider Kingfield Corporation. The partnership will allow mutual clients, including State Street, to bilaterally manage claims and other types of exceptions using Kingfield’s platform. With this connectivity, firms will be able to automatically match claims before sending them to DTC for straight-through-processing and intraday settlement via securities payment orders (SPOs).
DTC’s ClaimConnect service, first announced in October 2020, provides automated cash claim processing across the entire lifecycle of a corporate actions claim. The service automates a previously manual, error-prone process that often required large operations teams to use fax machines, emails, and phone calls.
“Instead of a firm waiting a few weeks or even months to close corporate actions claims, ClaimConnect validates, matches, settles, and closes claims in a matter of minutes,” said Ann Marie Bria, Executive Director, Asset Services Business Management at DTCC. “Based on our discussions with the industry, we knew there was a need for a more efficient, automated, and flexible process, and we thank Kingfield, State Street, and other market participants and stakeholders for helping us to transform this process.”
“Being able to access ClaimConnect’s near real-time claim validation and matching through the Kingfield platform has been a game-changer for us,” said David Kabilian, Managing Director at State Street Corporation. “This solution has helped us unlock firm-wide benefits, including significantly reduced risk and increased efficiency.”
By integrating ClaimConnect with the Kingfield platform, mutual clients will be able to automate their claims from submission to settlement, from their own proprietary systems.
“Kingfield has been working with top-tier global financial firms to build a state of the art claims case management network,” said Craig Welch, CEO at Kingfield. “We thank DTCC for their partnership and commitment to simplifying corporate actions claim processing. The claim workflow process has been completed for our mutual clients in USD through the unification of Kingfield’s case management network with DTC for straight-through-processing and intraday settlement via securities payment orders (SPOs).”
Today over 90 DTC Participants are using the service to match, settle and close claims with ClaimConnect. In addition to being able to access ClaimConnect via Kingfield, ClaimConnect is also available on DTCC’s API Marketplace, an online “App Store” that allows direct programmatic access to DTCC processing functionality.
About DTCC
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2021, DTCC’s subsidiaries processed securities transactions valued at nearly U.S. $2.4 quadrillion. Its depository provides custody and asset servicing for securities issues from 177 countries and territories valued at U.S. $87.1 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 16 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.
About Kingfield
Kingfield is a fintech company whose mission is to optimize interactions between market participants by co-designing solutions with clients through low-cost, shared platforms. Kingfield’s clients are global custodians, broker dealers, investment managers, and other financial service providers. Kingfield has built an ecosystem for clients so their interactions can become more real-time and digital, which will drive significant value. Kingfield is focused on shared technology that is co-designed with users, with much-needed efficiencies and controls coming from its common standardized applications solutions. To learn more, please visit us at www.kingfieldcorp.com or connect with us on LinkedIn.