The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services industry, announced its subsidiary, The Depository Trust Company (DTC), has “connected its automated ClaimConnect solution to the claims processing platform offered by financial software provider Kingfield Corporation.”
The partnership will “allow mutual clients, including State Street, to bilaterally manage claims and other types of exceptions using Kingfield’s platform.”
With this connectivity, firms will be “able to automatically match claims before sending them to DTC for straight-through-processing and intraday settlement via securities payment orders (SPOs).”
DTC’s ClaimConnect service, first announced in October 2020, “provides automated cash claim processing across the entire lifecycle of a corporate actions claim.” The service automates “a previously manual, error-prone process that often required large operations teams to use fax machines, emails, and phone calls.”
Marie Bria, Executive Director, Asset Services Business Management at DTCC, said:
“Instead of a firm waiting a few weeks or even months to close corporate actions claims, ClaimConnect validates, matches, settles, and closes claims in a matter of minutes. Based on our discussions with the industry, we knew there was a need for a more efficient, automated, and flexible process, and we thank Kingfield, State Street, and other market participants and stakeholders for helping us to transform this process.”
David Kabilian, Managing Director at State Street Corporation, said:
“Being able to access ClaimConnect’s near real-time claim validation and matching through the Kingfield platform has been a game-changer for us. This solution has helped us unlock firm-wide benefits, including significantly reduced risk and increased efficiency.”
By integrating ClaimConnect with the Kingfield platform, mutual clients will be “able to automate their claims from submission to settlement, from their own proprietary systems.”
Craig Welch, CEO at Kingfield, said:
“Kingfield has been working with top-tier global financial firms to build a state of the art claims case management network. We thank DTCC for their partnership and commitment to simplifying corporate actions claim processing. The claim workflow process has been completed for our mutual clients in USD through the unification of Kingfield’s case management network with DTC for straight-through-processing and intraday settlement via securities payment orders (SPOs).”
Today over 90 DTC Participants are “using the service to match, settle and close claims with ClaimConnect.”
In addition to being able to access ClaimConnect via Kingfield, ClaimConnect is also “available on DTCC’s API Marketplace, an online ‘App Store’ that allows direct programmatic access to DTCC processing functionality.”