Sumitomo Mitsui Trust Bank goes live with DTCC’s Alert
Sumitomo Mitsui Trust Bank (USA) has become the first Japanese global custodian bank to go live on the Depository Trust & Clearing Corporation’s (DTCC) Alert Global Custodian Direct (GC Direct) workflow.
SuMi Trust USA aims to maintain and provide standing settlement instruction (SSI) data to its clients through Alert, DTCC’s global database for the maintenance and communication of account information and standing settlement instructions (SSIs).
“By introducing GC Direct, SuMi Trust USA is pleased to enhance both the information-provision and services that contribute to our clients’ investment activities and operations,” says Douglas Shivers, head of global custody administration at SuMi Trust USA.
Bill Meenaghan, executive director of DTCC Alert, adds: “We’ve had much success with other global custodians in the past few years in enabling greater control in the settlement process, increasing data quality and staying aligned with best practices.”
Alert is part of DTCC’s Institutional Trade Processing product suite, which aims to service investment managers, brokers/dealers and custodian banks to share accurate account and SSI information automatically worldwide.
GC Direct allows custodian banks to electronically manage settlement instructions on behalf of their buy-side clients, resulting in a reduction in SSI related fails across custodian bank users, with some custodians achieving reductions in fails by over 50%.
Alert GC Direct currently has seven global custodians live on the service, covering over 700,000 settlement instructions.