DTCC adds new features to Payment aXis
The Depository Trust & Clearing Corporation (DTCC) has introduced added capabilities to DTCC Payment aXis, a service for fund companies and intermediaries to accurately and safely transmit commission and various fee data and payments among National Securities Clearing Corporation (NSCC) member firms.
DTCC Payment aXis is a next generation version of the company’s former Mutual Fund Commission Settlement service. New features of the service capitalise on the benefits of standardisation and automation by supporting transmission of omnibus fee data through a centralised platform.
“The new capabilities afforded by DTCC Payment aXis reflect our dedication to meeting industry demands and providing automation, standardisation and centralisation to the market,” says Josephine Torelli, vice president, wealth management services. “With our delivery of this service, market participants have access to more robust data and information.”
In response to current industry trends and demands, DTCC Payment aXis now supports commission and fee payments for omnibus account as well as Contingent Deferred Sales Charge payouts, 12b-1 fees and numerous other fee types.
Mutual Fund Commission Settlement service was introduced in 1992 and, since inception, has helped eliminate the manual, time-intensive and costly process of exchanging fee information via fax, mail and email. In addition to the expedited distribution and settlement of commissions and various fees, NSCC members will gain added features and benefits like unrivalled automation of omnibus invoicing and settlement between funds and firms.
DTCC Payment aXis also reduces costs and risks incurred during traditional, manual processing procedures. The service is accessible via mainframe over DTCC’s SMART connection. Settlement will occur through NSCC’s net settlement system.
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