ATLANTA, Sept. 15, 2014 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, announced today that it has launched its Exchange Platform to support an array of In-Force Transaction (IFT) capabilities offered by The Depository Trust & Clearing Corporation's (DTCC's) Insurance & Retirement Services. The support of DTCC's IFT capabilities is being implemented through EbixExchange; a division of Ebix Inc. EbixExchange provides a front-end Exchange to support post-trade transaction processing within the DTCC IFT service. IFT is a service offering of National Securities Clearing Corporation, a DTCC subsidiary.
The Ebix Annuity Maintenance Platform released in 2013 allows agents and brokers to service active annuity contracts with multiple carriers on Ebix's AnnuityNet Exchange, which processes over $50 billion in annuity contracts annually. The solution utilizes secure DTCC IFT messages to interact with carriers to retrieve required in-force policy data. EbixExchange allows the agent/broker to perform withdrawals, asset rebalancing, funds transfer, and support for other financial transactions across participating carriers through DTCC and all on a single system.
EbixExchange in conjunction with DTCC's IFT will give insurance carriers and distributors access to a broader set of post-trade transactions via an upgrade to DTCC's web-based service.
With the upgrades to IFT and leveraging EbixExchange, users can effectively manage and submit financial transactions to support active contracts. EbixExchange now supports the following additional transactions:
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Withdrawal requests for one time payments disbursement
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Financial Arrangement requests for scheduling systematic withdrawal payments, asset rebalancing and other arrangement types
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Values Inquiry for requesting and responding with current account valuation
- Fund Transfer for requesting asset rebalancing.
"These enhancements further automate and streamline in force annuity contract processing, providing a faster and more efficient service to users," said Randi Gordon, vice president of DTCC I&RS. "Clients will be able to decrease operating costs, support straight-through processing, standardize the method of data entry, reporting and electronic communication and increase end-customer satisfaction."
EbixExchange enables Data Transformation solutions, CRM solutions, Order-entry platforms, Quoting Engines, Risk Administration tools, Loss Reporting compliance, and other process augmentation products and services for the Life, Annuity, Health and P&C Insurance Industry.
"We are proud that our EbixExchange functionality is a key driver to enhancing DTCC's IFT service," said Ebix CEO Robin Raina. "DTCC's acknowledgement of our product's role is a testament to the power of our Exchanges and our commitment to offer new and leading technology to support our clients and improve the industry we serve."
About DTCC
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2013, DTCC's subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 139 countries and territories valued at US$43 trillion. DTCC's global trade repository processes tens of millions of submissions per week. For more information, visit dtcc.com and follow us on Twitter @The DTCC and @DTCCInsurance and LinkedIn: DTCC and Insurance &Retirement Services.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 40+ offices across Brazil, Singapore, Australia, the US, New Zealand, the UK, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance and re-insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company's website at www.ebix.com.