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March 16, 2004 at 07:00 PM
NU Online News Service, March 16, 2004, 2:12 p.m. EST – The Depository Trust & Clearing Corp., New York, says it will allow free use of all of its copyrighted Insurance Processing Service data layouts.[@@]
Insurers and distributors can use the data layouts to process transactions through DTCC computers or outside processing systems, the DTCC says.
Traditionally, life insurers have used proprietary systems to communicate with their distributors. The DTCC is giving away use of its data layouts to encourage life insurers to shift to the kind of open systems and multi-company systems that mutual fund manufacturers and distributors use.
