The Depository Trust & Clearing Corporation (DTCC) announced that its Depository Trust Corporation (DTC) subsidiary has filed with the US Securities and Exchange Commission (SEC) a proposal to launch ClaimConnect, a new DTC service that will centralize and automate cash claim processing across the entire lifecycle of a corporate action claim. ClaimConnect will be one of the first services available on DTCC’s new API Marketplace.
DTCC has been working closely with the industry to refresh its technology and to further improve Corporate Actions processes in order to eliminate manual processes and reduce risk and errors from claim submission to closure. With the new ClaimConnect service, DTCC seeks to address limitations in Corporate Actions processing related to untracked cash claims. These claims are typically processed manually by large operations teams leveraging fax, email and phone calls.
This includes near real-time claim validation and matching, email alerts and the ability to pinpoint data leveraging intuitive search functionality. Clients will be able to post claims verses their counterparty with the ability to track those claims through to settlement. Both sides of the claim will have access to email notifications, alerting them of claim statuses and reporting to communicate progress, simplifying decision making.
Ann Marie Bria, executive director in the Corporate Actions Business Management unit at DTCC, said in a statement: “Centralizing claim processing through ClaimConnect will enable clients to seamlessly manage the entire lifecycle of a claim while reducing risks.”