AnnuityNet, Inc., Leesburg, Va., is giving the industry its formerly proprietary standard for transmitting and exchanging annuity account and transaction information across the Internet. In relinquishing its intellectual property and offering it as an open standard, AnnuityNet hopes to accelerate efforts by the National Association for Variable Annuities and key industry participants toward creating a universally adopted industry standard for annuity application data exchange. The goal is to significantly accelerate the industry's efforts to produce a standard that supports full, robust electronic transport of complete and accurate data between annuity manufacturers and distributors.
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