ClaimConnect™, a service offering of DTCC’s subsidiary The Depository Trust Company (DTC), will enable clients to bilaterally manage and settle claims seamlessly through a flexible, single-point of entry.1
The financial services industry has long been challenged with handling untracked claims. Historically, firms have assigned large operations teams to manually process these claims via fax, email and phone calls. These claims – which include securities lending, short-settled trades (outside of the current T+2 cycle), differences in tax rates and fails – are often processed with delay, errors, and inefficient back-and-forth communication.
Designed with active input from expected users, ClaimConnect™ will enable DTC Participants to bilaterally manage and settle claims from a unique, front-end application, accessible via the secure MyDTCC Portal.
ClaimConnect™ reduces risk and errors, expedites the claim closure process and provides much-needed operational efficiencies to a heavily manual process.
How ClaimConnectTM Works
Accessible from a new, web application or API, ClaimConnect™ is designed to be extremely flexible, customizable and applicable to future claim types. Through the affirm and auto-match processes, matching and closing a claim has never been easier.
- E-mails to clients will trigger an alert to sign into the application to perform an action on a claim, including affirmations, a DK, approve a pending claim, or to view all claim statuses.
- Once a claim is matched, a Security Payment Order (SPO) representing a cash movement is processed between both client accounts. The SPO is included in part of your end of day settlement total for use with your settlement credit balance.
Who Can use ClaimConnectTM
All full-service DTC Participants will be able to use the service. To be set up as a ClaimConnect™ user, Participants must notify DTC’s Account Administration department, through Relationship Management.
Centralizing claim processing through ClaimConnect™ will enable clients to facilitate the entire lifecycle of a claim, from submission to closure.
- Robust and intuitive dashboard: Access data in a single dashboard, designed using the latest web standards with interactive charts and graphs.
- Direct connectivity automation via APIs: Submit, update, cancel and query claims utilizing machine-to-machine transaction processing.
- Continuous validation and matching: Validate and match a transaction in near real-time, allowing users to get quicker resolution.
- Systematic Security Payment Order (SPO) creation: Settle cash between parties and which rolls into your end of day settlement balance to close the claim.
- Easily track and manage claim transactions: With “quick search” and “advanced” functions, users can pinpoint the exact data needed.
- Approval capabilities: Ensures cash settlements are confirmed by a second-level approver.
- Creation of a Client Profile: Provides company contact and escalation information.
- Email Alerts: Notification of new claims submitted, DKs, and claims awaiting approval, as well as a weekly summary of open and unresolved activities.
- Historical reporting: All claim activities transacted through the service are available via an exportable spreadsheet.
- Monitoring risk of financial exposure: With all claim activities in one place, easily identify which claims are outstanding by counterparty, in order to help better evaluate risk profile.
- In-application help: Detailed, context-sensitive training support is available within the application.
For More Information
For more information about ClaimConnect™ please contact your Relationship Manager or click here for additional client contact information. For service specific inquiries, please email DTCC’s ClaimConnect team at DTCCCAClaims@dtcc.com.
1 Implementation of the service is subject to approval of a proposed rule change to be filed by DTC with the U.S. Securities and Exchange Commission.