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DTCC To Use Finetre Technology

By Staff Writer

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The Depository Trust & Clearing Corp. has agreed to build AnnuityNet and LifeNet technology into its own InsurExpress system.[@@]

The DTCC, New York, is a giant securities clearing company that has gotten heavily involved with processing insurance transactions in recent years. The company recently introduced the InsurExpress system in an effort to win more life and annuity processing business.

Finetre Corp., Herndon, Va., the company that runs the AnnuityNet and LifeNet systems, automates processing of life insurance and annuity transactions. AnnuityNet managers work closely with DTCC and already sends DTCC about 10,000 AnnuityNet annuity transactions per month, Finetre says.

DTCC and Finetre will work together to market InsurExpress as well as to combine their technology, the companies say.