AnnuityNet and DTCC Craft Collaborative Relationship for Automated Annuity Data Exchange.Business Editors LEESBURG, Va.--(BUSINESS WIRE)--May 6, 2002 AnnuityNet: AnnuityNet Endorses DTCC's IPS (1) (Inches Per Second) The measurement of the speed of tape passing by a read/write head or paper passing through a pen plotter. (2) (IPS) (Intrusion Prevention S Services as Preferred Method of Money Settlement & Data Transport A new collaborative relationship between AnnuityNet and 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 Corporation (DTCC DTCC See: Depository Trust and Clearing Corporation ) is expected to help accelerate the annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. industry's progress toward fast and efficient online exchange of annuity account and money settlement data between product manufacturers and distributors. AnnuityNet, Inc., the foremost eCommerce provider of online technology solutions for the annuity industry, and DTCC, the largest financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. post-trade infrastructure in the world, have formed a strategic alliance to promote to the industry the benefits of using AnnuityNet's technology together with DTCC's Insurance Services. As part of the arrangement, AnnuityNet will actively promote and endorse DTCC's Insurance Services as a valuable component of the services offered by AnnuityNet, and as the preferred method of money settlement, connectivity, aggregation and data validation In computer science, data validation is the process of ensuring that a program operates on clean, correct and useful data. It uses routines, often called validation rules, that check for correctness or meaningfulness of data that are input to the system. .. DTCC similarly will endorse AnnuityNet as an approved provider of automated annuity processing transmitted via Insurance Services. AnnuityNet technology features automated end-to-end processing incorporating intelligent wizards that lead sales representatives through the order entry procedure, streamlining and speeding the process and eliminating common errors. Paperless processing allows dynamic assembly of all required forms, plus electronic transmission of all documents, online transaction capabilities, and real-time subaccount fund management. The platform supports any mix of products or product features, and is compatible with any distribution model. DTCC's Insurance Services provides an automated centralized system In telecommunications, a centralized system is one in which most communications are routed through one or more major central hubs. Such a system allows certain functions to be concentrated in the system's hubs, freeing up resources in the peripheral units. that electronically links insurance carriers with banks, broker/dealers and financial planners Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. for the exchange of information and money settlement during the sale and servicing of fixed and variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and life insurance products. DTCC and AnnuityNet will work together to provide mutual support in marketing, sales and implementation efforts for joint DTCC-AnnuityNet processing services. They will also design an implementation guide for mutual clients that are implementing DTCC-AnnuityNet services, as well as a streamlined testing solution that will allow clients to put the online services into operation quickly and easily. "This joint effort with DTCC will be of long-term strategic advantage to the annuity industry," said Steve Dunlap, sr. vice president at AnnuityNet. "By combining AnnuityNet's advanced eCommerce engine with Insurance Services' processing capabilities, banks, broker/dealers and carriers will have a powerful tool at their disposal to leverage their annuity production to higher levels, and to realize efficiencies that should flow to their bottom line. We view our association with DTCC as a win-win for all participants." "The compatibility, scalability and ease of use for clients supported by our systems makes the advantages of DTCC-AnnuityNet's strategic alliance significant and substantial for both distributors and carriers," said J. Randall Grespin, managing director, Distribution Services for DTCC. "We believe AnnuityNet will be an important ally in our mutual goal of streamlining and automating annuity transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , and are pleased to be working together with AnnuityNet for the benefit of the entire industry." About AnnuityNet, Inc. AnnuityNet, a Leesburg, VA-based software technology company, pioneered the Web-based approach to powering transactions in the annuity market space with an Internet platform that connects all industry constituencies - carriers and manufacturers, distributors and point of sale representatives, and customers - into a seamless, secure and information-rich process. After becoming the first company to engineer paperless annuities on the Web, AnnuityNet designed and developed technology solutions for financial services institutions that are transforming the way the industry sells and services annuities. AnnuityNet's Web technology currently processes nearly $1.5 billion per month in annuity transactions over the Internet. AnnuityNet was founded in 1997 by well-known actuary actuary One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. and entrepreneur Shane Chalke, and is owned by a blue-ribbon consortium of financial industry organizations including GE Equity, Lincoln Financial Group, Conning Capital Partners, SunLife Financial, Phoenix Life, Ohio National Financial and Bank One. The company's Web site address is www.annuitynet.com. Securities offered through AnnuityNet Insurance Agency, Inc., a broker-dealer. About DTCC The Depository Trust & Clearing Corporation (DTCC) is the largest financial services post-trade infrastructure organization in the world, with operating facilities in multiple locations in the U.S. and overseas. DTCC is the holding company for six subsidiary businesses - a depository and five clearing corporations - as well as a global joint venture with Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings (called Omgeo). Through its subsidiaries, DTCC provides clearance, settlement and information services See Information Systems. for virtually all equity, corporate debt, municipal debt, government securities, mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , and emerging market sovereign debt trades in the U.S., totaling more than $1.7 trillion daily. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries, worth about $23 trillion. For more information on DTCC, see www.dtcc.com. |
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