The Depository Trust & Clearing Corporation has added new capabilities to one of its payment systems.
DTCC now offers enhanced automation on DTCC Payment aXis, a streamlined service for fund companies and intermediaries to transmit commission and fee data and payments among National Securities Clearing Corporation (NSCC) member firms.
DTCC Payment aXis, a next generation version of the former Mutual Fund Commission Settlement service, now supports transmission of omnibus fee data through a centralized platform. It now supports commission and fee payments for fee types including omnibus account, contingent deferred sales charge payouts and 12b-1 fees.
“The new capabilities afforded by DTCC Payment aXis reflect our dedication to meeting industry demands and providing automation, standardization and centralization to the market,” said Josephine Torelli, vice president of wealth management services, in a press release. “With our delivery of this service, market participants have access to more robust data and information.”