An annuity group says it has come out with a tool that can help insurers, distributors and technology vendors implement its processing standardization program.
NAVA Inc., Reston, Va., says the new NAVA Message Testing Service can help the companies participating in its Straight-Through-Processing Standards Initiative make sure that annuity transmissions really comply with the STP standards, by comparing the messages with a neutral, standard reference system.
NAVA will start selling subscriptions to the service in mid-November.
The NAVA Data Conformity Working Group developed the standardized messages to help insurers and distributors exchange annuity information.
Vertex Inc., New Britain, Conn., already tested the MTS service, NAVA says.
Vertex is using the MTS service to verify that its NAVA Product Profile for Annuities and NAVA Distributor Profile transactions are STP-compliant, Vertex says.