Using their proprietary or vendor supported platforms, distributors and carriers can electronically process fund-transfer transactions as illustrated by the following:
- Rep selects a contract on distributor front-end.
- Distributor application initiates Values Inquiry requests for the most updated contract information from the carrier via the Values Inquiry transaction
- Once the Values Inquiry is complete and the contract is refreshed, rep submits a Fund Transfer Request. Assuming that all internal distributor rules are met, the distributor then transmits the fund-transfer request, inclusive of service feature updates to NSCC.
- NSCC validates the fund transfer request to ensure it follows all format rules then transmits valid request to carrier.
- Carrier conducts internal rules check (pre-batch cycle) and responds to NSCC with either a pending approval or reject status.
- NSCC validates confirmation transaction and forwards to distributor.
- Next Business Day, if first confirm was pending approval, carrier will transmit a final confirmation with either an approval status or a reject status.