Reston, Va. — NAVA Inc., the association for insured retirement solutions, announced a new service to help insurers, annuity distributors and technology solutions providers ensure that their electronic data messages are compliant with NAVA’s Straight-through Processing (STP) Standards Initiative. STP is an industry-backed initiative establishing an automated standardized process that streamlines the sale of annuities.
The NAVA Message Testing Service (MTS) is designed to provide implementers of the STP Standards Initiative with an easy-to-use tool to expedite the testing of electronic data messages against a neutral, standard reference system. These data messages, which were developed by the NAVA Data Conformity Working Group, define a uniform data structure for sharing electronic information between insurers and distributors. MTS also provides a means of verifying and recognizing organizations using conforming data messages to promote consistency and compatibility throughout the industry. The MTS tool will be available in mid-November.
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