ACORD forms partnership to create data-sharing standards for industry. (Technology: Technology Notes).The Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust & Clearing Corp. and the Association for Cooperative Operations Research operations research Application of scientific methods to management and administration of military, government, commercial, and industrial systems. It began during World War II in Britain when teams of scientists worked with the Royal Air Force to improve radar detection of and Development recently entered into a strategic partnership that will help give the insurance industry the tools to market, sell and process insurance products with the same ease and speed they do with other financial instruments, such as stocks, bonds and mutual funds. Through the agreement, both organizations will work to develop a set of common data standards that all sectors of the annuity and life insurance industry can use for exchanging product and sale information and providing money settlement in the process. The first undertaking of ACORD--a global, nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. insurance association--and DTCC DTCC See: Depository Trust and Clearing Corporation will be the completion of the "Product Profile" standard, which will allow carriers, distributors and vendors to share product information using a standard format via DTCC's clearing corporation subsidiary's Insurance Processing Service. "This standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting is an important element in mainstreaming insurance products to the broker/dealer community and will help the insurance industry establish and maintain a competitive stance in the financial-services marketplace," Marc Reiser, vice president of DTCC's Insurance Services, said in a statement. Other near-term projects include expanding ACORD's standards in the area of licensing and appointments and life applications. DTCC plans to expand functionality in both of these areas and will work with ACORD ACORD Association for Cooperative Operations, Research and Development ACORD Agency for Cooperation and Research in Development ACORD Association de Coopération et de Recherche pour le Développement (French) to ensure that a completed standard is ready for the enhanced products. Through its subsidiaries, DTCC, a financial-services post-trade infrastructure organization, acts as a central counterparty, providing trade guarantee, netting and risk-management services for equity and debt transactions from U.S. stock exchanges and markets. In addition, it provides custody of and asset servicing of 2 million securities, valued at $23 trillion, of issuers from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 65 other countries. |
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