The automated nature of the BIN transaction within the IFT process delivers communications efficiently between distributors and insurance carriers. Features include:
- Automated Reporting. BIN provides an automated method of sending, receiving and tracking change instructions. Confirmations on the status of changes are automatically delivered from carriers to distributors.
- Standard Formats. Distributors and carriers can exchange information and process account changes in a more efficient and accurate manner by using standard formats.
- A Safe, Controlled Environment. Distributors and carriers can leverage DTCC’s highly reliable and secure network for In-Force Transactions.