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National Australia Bank to submit and maintain settlement and account data on DTCC alert

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The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services industry, has confirmed that National Australia Bank Asset Servicing (NAS) has agreed to submit and maintain Standing Settlement Instructions (SSIs) directly via its ALERT service, the industry’s largest web-based global database for the maintenance and communication of account and SSI data. 

NAS is now leveraging ALERT’s Global Custodian (GC) Direct workflow, which automates the exchange of SSIs between a custodian’s central repository and ALERT enabling the global custodian/prime broker to own and manage the SSI data for their buy-side clients, effectively creating the “golden copy” within the ALERT platform, further automating the maintenance of SSIs and driving reliable source data.
 
“We pride ourselves on being client-centric and saw great value in maintaining and providing SSI data to our regional clients through ALERT, thereby eliminating the need for them to manually enter SSI details and improving our internal data management processes,” says Wayne Francis, Head of Network Management & Custody Support, at NAB Asset Servicing. “With ALERT, we are able to bring greater efficiency, risk mitigation and accuracy to the post-trade settlement process for our client-base.”
 
“We are pleased to have NAS entering and managing SSIs directly through ALERT as a data source provider,” says Bob Stewart, Executive Director, Institutional Trade Processing, at DTCC. “SSIs represent a significant pain point for firms, as missing or incomplete SSIs is a common cause of trade failures. Centralisation and automation of high quality, golden source SSI data published by custodians lowers the chances for failed trades while improving efficiency and auditability, key wins for NAS and their clients.”

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