Networking Update System. Broker Dealer.
Built a system for automated updates that provides a function for global and individual account update information when there is change in the branch address, branch number or broker in order a non-trade related client information to appear identically on the records of Firm and Funds using the industry standard for the exchange of mutual fund account maintenance.
Networking is the U.S. industry standard for reconciling accounts and processing dividends and capital gains for mutual funds and other pooled investments. Networking streamlines the reconciliation of account records through efficient transmission of data between funds and intermediaries.
Networking is the industry standard for the streamlined exchange of customer account-level information, delivering efficiencies by securely automating a host of activity reporting including creating new accounts, account maintenance and transfers between DTCC clients such as funds and broker/dealers.
A major capability of the service accommodates Networking for Direct Accounts, which involves the exchange of investor account data held directly with a mutual fund, pooled investment or other comparable investment product. Investment offering companies have the ability to establish and maintain shareholder accounts, even with an intermediary listed on the shareholder accounts. In this way, all those involved can maintain identical customer account data.
The “Networking Levels” feature incorporated in Networking provides operational options to help intermediaries meet their particular business needs. Each Networking level defines a different set of reporting controls for investment companies and intermediaries, prescribing how shareholder servicing will be completed, and by whom.
