Access Data Enhances 22C-2 Offering with Connectivity to DTCC; DTCC’s SDR Service Provides SalesVision Clients Broader Access to 3rd Party Financial Intermediary Data
Access Data Corp., the leading provider of omnibus account transparency and 22c-2 compliance solutions for the mutual fund industry, today announced that it has established connectivity to the Depository Trust & Clearing Corporation’s (DTCC) new service called, Networking for Standardized Data Reporting (SDR). This new service from DTCC was developed to provide mutual fund companies with access to underlying shareholder data held by third party financial intermediaries
PITTSBURGH (PRWEB) September 11, 2006 – Access Data Corp., the leading provider of omnibus account transparency and 22c-2 compliance solutions for the mutual fund industry, today announced that it has established connectivity to the Depository Trust & Clearing Corporation’s (DTCC) new service called, Networking for Standardized Data Reporting (SDR). This new service from DTCC was developed to provide mutual fund companies with access to underlying shareholder data held by third party financial intermediaries.
Currently, Access Data SalesVision® 22c-2 clients can gain access to third party financial intermediary data via the Access Data ExchangeSM (AccessDXSM) network, which enables processing of detailed shareholder data through private conduit connections to financial intermediary platforms. With the addition of connectivity to DTCC’s new SDR service, SalesVision clients will now have the flexibility of collecting third party financial intermediary data directly from the financial intermediary platform, or through DTCC’s SDR service, depending upon the client’s specific data requirements.
Access Data also announced the introduction of data workflow functionality, called FlexWorkSM, which will provide SalesVision 22c-2 clients with “shareholder data on demand.” FlexWork technology will provide SalesVision users with an automated, standardized and centralized method of requesting and receiving information from the DTCC, as well as via private data sources. The combination of AccessDX to acquire data from financial intermediaries and FlexWork workflow technology for processing data requests, will give SalesVision users straight-through processing of financial intermediary sub-account data in order to meet the requirements of SEC Rule 22c-2.
The need for detailed shareholder data has become an important ingredient for meeting the new SEC Rule 22c-2, related to monitoring shareholder trading patterns in order to detect market timers. The Rule, which went into effect in March of 2005, has a compliance deadline of October 16, 2006. Rule 22c-2 requires financial intermediaries to provide mutual fund companies with access to shareholder identification and transaction information upon request.
“Private intermediary networks, such as data portals for investment advisors, record-keeping systems and trading platforms for retirement plans, and sub-accounting (Pr3) platforms for Broker/Dealers only handle slices of the market. With the combination of the new DTCC SDR interface, as well as the large number of private conduit data sources we already have in place, Access Data can deliver financial intermediary data to clients from all sources,” said Frank Polefrone, Senior Vice President of Product Development at Access Data.
Utilizing Access Data’s proven process for rapid data interface development, combined with proprietary data workflow technology, AccessDX connects a broad network of intermediary sub-account platforms to its Access Data SalesVision suite of applications. SalesVision is Access Data’s enterprise shareholder solution used by mutual fund companies, representing more than $1 Trillion of mutual fund assets under management. SalesVision enables mutual fund companies to analyze, track and report integrated shareholder data to Fund Boards, corporate management and business users across the organization. The SalesVision suite of business applications includes Shareholder Compliance (22c-2), Sales Reporting, Compensation Tracking for internal wholesalers and external distributors, CRM Data Synchronization and Business Intelligence tools.
About Access Data Corp.
Access Data Corp. is the leading provider of omnibus transparency solutions for the mutual fund industry. Access Data SalesVision® is a web-delivered, on-demand application which solves the omnibus sub-account transparency issue for mutual fund companies, allowing them to protect, control and grow their businesses. Access Data ExchangeSM provides straight-through processing of mutual fund sub-account transaction data to help mutual fund companies and financial intermediaries meet SEC Rule 22c-2 requirements. Access Data Professional Services has enabled the world’s leading financial services companies to re-engineer business processes, launch new technologies and create powerful management tools more efficiently—delivering increased profits, reduced costs and strengthened customer relationships. Access Enterprise Solutions provides expertise to cost-effectively support, upgrade and implement ERP solutions. Access Managed Services manages software, hardware and networks in its secure data center to host client applications, reduce costs and provide back-up and recovery services. To learn more, visit www.accessdc.com or call 1-888-799-1744.
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