Enhancements Made to DTCC Payment aXis Mutual Funds Service
Additonal fees for mutual funds and intermediaries now automated
"Mutual fund invoicing between firms and funds is not standardized. The current state is manually intensive, typically involving the exchange of reports and spreadsheets via fax, email, and regular mail. Settlement occurs by check or wire. As with many manual processes, this is very costly, time intensive and risk prone for firms," Josephine Torelli, vice president of wealth management at the DTCC, tells Buy-Side Technology.
The DTCC made the upgrade following input from industry representatives
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