DTCC’s Insurance & Retirement Services launches API messaging service
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the launch of Insurance & Retirement Services (I&RS) Activity Status Tracking (ACT), a real-time status request and response API messaging service, increasing efficiency, streamlining processes and mitigating risk byentralizing the status messaging.
The new API messaging service delivers consistent and immediate activity status messaging for annuity applications, regardless of their submission method, through the application process across platforms and planning tools, eliminating multiple endpoints and connectivity. The launch of the new API messaging service follows two prior enhancements to messaging capabilities, including Producer Authorization and Paperless Replacements.
“We are pleased to offer a centralized, digitalized method to manage status messaging with DTCC’s ACT service as the third of the three advanced API capabilities that we promised the industry and delivered in conjunction with IRI’s Digital First for Annuities initiative. This service demonstrates our dedication to modernization efforts that improve the client experience, deliver increased value and offer greater access to critical transaction data,” said Justin Schwartz (pictured), Executive Director, Product Management for Wealth Management Services at DTCC.
ACT continually supports real-time activity status messaging using APIs, offering a single implementation across companies and providing governance. Carriers and distributors can digitally track annuity applications and specific statuses throughout the underwriting stages, including suitability, document review, producer credentials and funding, using ACT’s standardized communication capabilities.
“Overseeing the statuses of new annuity business can be difficult and inefficient, with many communications existing across multiple mediums. ACT offers a new way for distributors to keep track of activity status messaging by requesting statuses for all activity, increasing operational efficiencies across the insurance industry,” said Jeanann Smith, Director, Product Management for Insurance and Retirement Services at DTCC.
ACT offers a single implementation across all carriers and distributors, providing flexible data access options on demand, and APIs. The new API will be part of the IIEX API Library and is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC).
