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.