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DTCC enhances MF Info Xchange service

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The Depository Trust & Clearing Corporation’s (DTCC) MF Info Xchange service, the first offering of its kind to standardise communications for the mutual fund industry, has been enhanced with additional key capabilities to bring new efficiencies to the mutual fund communication process and meet evolving client needs.

MF Info Xchange centralises the delivery and receipt of time-critical notifications and alerts, information that has historically been exchanged via fax, email or phone. In 2020, MF Info Xchange delivered hundreds of event types to over 400,000 recipients in real time, including consolidated Dividend/Capital Gain schedules, Interval/Tender Fund transaction schedules, Fund Mergers, and other critical announcements.
 
Among the key features recently launched is the “Large Trade Notification” event type. This new notification type further extends MF Info Xchange capabilities, enabling firms to communicate in real time with their fund partners, starting with the notice of large trade information to their fund partners, and facilitating two way communication.
 
“We are incredibly proud of how MF Info Xchange has evolved throughout 2020,” says Ann Bergin, Managing Director and General Manager, Wealth Management Services at DTCC. “We have been encouraged by the continued adoption of MF Info Xchange and the positive feedback we are hearing from our clients. By expanding communication capabilities between the funds and their distribution partners, we continue to address operational challenges for our clients in line with our on-going commitment to the mutual funds industry.”
 
“Standardising and streamlining communication between funds and firms is a high priority for many of us and MF Info Xchange is the service that will get us there. It’s impressive to see our funds, firms, vendors and DTCC working together to build a solution that addresses these needs,” says Lisa Borth, Vice President, Director of AllianceBernstein Transfer Agency Services. “As the adoption of MF Info Xchange becomes more widespread, we expect the service will become the industry standard for mutual fund communications, lowering risk and increasing efficiency.”

The latest enhancements build upon key capabilities that were added in recent months including a complete audit trail with the ability to view all client  activity; enhanced search capabilities;  an event calendar to view and track date-critical events; and the ability for notification receivers to customise recipients for events. The service has also been integrated with MF Profile Security, DTCC’s centralised data source of comprehensive fund prospectus and operational rules. Each of these features support MF Info Xchange’s overarching aim to standardise, streamline and reduce risk throughout the mutual fund communication process.
 

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