The Process

Automated customer account transfer services perform the transfer of brokerage accounts from one firm to another. The services enable eligible participants to efficiently and automatically enter, review, and settle the transfer of customer accounts between firms. It allows the transfer of many different types of assets, like equities, corporate bonds, mutual funds, and others. The process though is centrally monitored by Depository Trust & Clearing Corporation (DTCC), continuous tracking of the transfer is difficult to trace.

The Solution

Aiwozo was used as a solution to automate the process. This removed the task of manually monitoring the DTCC website for updates and matching it with the records associated with the transactions initiated by the financial institution. Also, information about updates was pushed to customers via email over the period transfer was in progress to ensure that customers were updated. Since the manual intervention was removed, it provided a higher degree of compliance with regulatory requirements and removed chances of loss due to manual oversight.

Challenges Addressed