New York, September 25, 2012 – The Depository Trust & Clearing Corporation (DTCC) today announced it has launched a new corporate actions pilot program testing ISO 20022 messages that covers the entire lifecycle for distribution events, beginning with entitlements and payments and later moving on to instructions.
The pilot is part of DTCC’s multi-year corporate actions reengineering initiative that will replace DTCC’s proprietary files with ISO 20022 messages. ISO 20022 provides the financial services industry with a platform for the development of standardized corporate actions messages.
Four leading corporate actions users have been participating in DTCC’s corporate actions reengineering effort: BNY Mellon, Brown Brothers Harriman, JPMorgan Chase, and National Financial Services, LLC.
For the first twelve weeks of the pilot, DTCC will send out sample ISO 20022 messages to the pilot participants. This will help pilot firms validate their development as well as the message formats. In Q1 2013, DTCC will move into production and begin sending the ISO messages systemically, alerting the test participants to distributions entitlements and payments related information and allowing them to conduct further testing.
Also in 2013, DTCC will be ready to test with pilot firms inbound ISO 20022 messages for election processing for Elective Dividend Services (EDS) events. EDS enables DTCC clients to view and send a variety of election instructions to DTCC for processing.
Another major undertaking of the initiative will be to begin the mandatory migration of all DTCC participants to the new browser-based user interface for distribution events in 2013. The new browser interface, which will replace DTCC’s Participant Terminal System (PTS) and Participant Browser Service (PBS), will provide a single unified corporate actions platform that will incorporate all event types. DTCC will provide customers with a series of training sessions and webinars on the new interface prior to implementation.