The Depository Trust & Clearing Corp. (DTCC) received its first inbound electronic message using ISO 20022, the industry standard for financial messaging. DTCC said it is adding greater accuracy and efficiency to corporate actions processing for its clients.
DTCC said using the ISO 20022 messaging format helps firms reduce risks, improve efficiencies and reduce costs related to corporate actions processing. Automating the instruction process by using ISO 20022 messaging will eliminate the manual touch points and the opportunity for error.
DTCC added that, in 2014, it also will be introducing instruction statement reporting via ISO 20022. The instruction statement reporting message, known as the CAST message, will allow firms to automate the tracking process for outstanding election balances.
